April 1, 2023

A Copernican Revolution in American Economics!

1. Where does the $4 trillion amount originate? It comes from new wealth and value, which are produced annually on average in a naturally expanding American economy. It will always happen! This new, foreseeable wealth will be available to someone, and they will profit from it. The Economic Development Act (EDA) proposes that everyone, not just the few, should have access to the resources necessary to participate in the ownership aspect of the economy.

2. Will the EDA not cause inflation? It won’t, no. Pay attention to the fact that the estimated annual growth of the American economy is not impacted in any way by this strategy. It will happen regardless. As a result, the EDA does not weaken or devalue the currency. The only remaining question is who is eligible to participate and gain? Will it be the many of us, the people? Or only a tiny fraction of people?

3. The EDA isn’t socialist, right? It is not, no. Private ownership is at the heart of capitalism. Public ownership is at the heart of socialism. The EDA is all about private ownership in that light. However, it effectively combats concentrated wealth and power. Furthermore, it democratizes our market economy. Political democracy is undermined as a result.

4. What if the EDA doesn’t raise my taxes? It won’t, no! Tens of millions of new taxpayers will be created as a result, assisting current taxpayers in paying their fair share of taxes. The majority of taxpayers will actually see their taxes reduced as a result of this. Even the possibility of paying off the national debt is included.

5. Let me figure it out. A four-person family would receive $48,000 in capital credit annually (four times $1,200). Additionally, an annual capital credit of $120,000 (10 X $12,000) would be granted to a family of ten. Right? So, if a couple wants to make a lot of money, shouldn’t the Economic Democracy Act pay for them to have a lot of kids? The short answer is that parents do not directly benefit from the line of credit because it cannot be transferred. But more importantly, research demonstrates that the frequency of childbirth decreases with income. Therefore, the EDA will not support an excessive number of children on either count.

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