New Agendas

James K. Galbraith presents a thorough approach for a new progressive economic policy. He makes several salient points: the pressures for Free Trade come mainly from Protectionists who want guarantees of Patents and Copyrights; forcing the Chinese renminbi to revalue will increase American Consumer Costs without bringing low-Skill jobs back to this country; that Social Security is better financed than ever; and that Health Care Costs are the major danger needed to be resolved. Galbraith held me through this list, but We begin to diverge on Issues of the importance of Climate change, the importance of the Debt levels, and the real effects of proper Taxation.

Here is my proscription for a Democratic agenda (or Republican) for the new Presidency:

1) Alter Patent and Copyright law. Royalties should be limited to a Percentage of Production Costs, hopefully not to exceed 12% of Production Costs. Patent life should be extended to infinite duration, and Copyright life should not extend beyond the lifetimes of it’s Authors–Copyrights forbidden to be held by Business, Corporation, or Partnership. Amendment of current law would bring natural decrease to Health Care Costs, and remove most pressures for protectionist measures in Trade Agreements.

2) Higher Taxation does not reduce Investment in a developed Economy, nor is low taxation essential for Capital aggregation (a function of the modern Banking system). Higher Taxation actually impels greater Investments, as Business and Individuals recognize they must have more Capital working for them to maintain previous after-Tax Income. The greatest deflationary pressure that can be exercised by Anyone–Government, Business, or Individual–is the Paying-Down of outstanding Debt. Many Economists claim that devaluation of the Dollar will lead to greater Trade Advantage–Bull. Devaluation of the Dollar lessens Wages, lessens Business Profits, and raises Consumer Expenses; while hardly more Trade Product will be sold solely due to the increasingly worthless Dollar. American Trade Products needed by foreign economies will continue to be purchased to the degree they are superior, even under conditions of an advancing Dollar.

3) A Works Projects Administration should be reactivated like unto the days of FDR. There will be a distinct difference this time around. Labor will be paid at Minimum Wage levels to Those hired: Those without a Job, including Those drawing Unemployment Insurance without loss of these payments. The WPA will build nothing but that which will later be resold to the Private Sector. Focus of Projects will be on Wind Farms, other forms of Energy Production Plants, Harbor facilities, and reclamation of inner-City slums. The End of all Projects will be a viable Capital asset to be sold to the Private Sector, who will not currently build such Capital, because of the high Capitalization and long-term building schedules.
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I could go on and one, but the Reader can get the general drift. lgl