Signs of the Historic Tea Party Landslide on Nov 2nd
I’m not just a former Vice Presidential nominee, I’m also a Las Vegas oddsmaker, who analyzes political elections just as I analyze sporting events. On CNBC in the Fall of 2004, I predicted the exact final margin of Bush’s Presidential victory beating almost every political pollster in the country. In the Fall of 2006 on FOX News, I predicted the GOP would lose control of Congress, when other experts, pollsters and pundits had serious doubts. And of course I had it right on the money in 2008 when at campaign events I said, “Voting for McCain is voting for four more years of Bush. A terrible thing. But voting for Obama is voting for four years of Karl Marx. He will destroy the U.S. economy, redistribute income, and devastate capitalism.” A very accurate prediction of what has happened under the Obama agenda.
My crystal ball has been working overtime this Fall:
* My prediction is a Tea Party revolution of epic proportions.
* I predict the GOP will take control of the House in a historic landslide of 50 to 60 seats.
* Unlike most pollsters, I believe the Senate is within GOP reach.
* The anger and disgust with the Obama agenda is so strong that I believe this landslide will take Harry Reid, the U.S. Senate Majority Leader with it. I predict Sharron Angle will become the next U.S. Senator of Nevada. That upset could hand the U.S. Senate to the GOP.
* My prediction is a GOP pickup of 8 to 10 Senate seats (10 being the number necessary for a GOP takeover). Tea Party Senate candidates will lead the way- Angle in Nevada, Rand Paul in Kentucky, Marco Rubio in Florida, Ken Buck in Colorado, Joe Miller in Alaska.
* Make no mistake about it. While the immediate beneficiary will be the GOP, this is not a GOP victory. It is a conservative/libertarian tsunami fueled by Tea Party activists. There is no love for Republicans. If the GOP legislators go to D.C. and carry on “business as usual”, such as voting for earmarks, they will be earmarked for defeat in 2012 just like Democrats this year.
* Obama will go down in the record books for the biggest and quickest turnaround in political history- from the MESSIAH who resurrected the Democratic Party…to the socialist PARIAH that destroyed the Democratic party in less than 2 years!
* The results on Nov 2nd will be historic and will leave the Obama agenda in ruins, exposing Obama as a one-term mistake.
* The Tea Party movement is here to stay. It will have an even bigger impact in 2012.
* My final prediction is that Obama will be challenged by members of his own party in a Democratic Presidential primary in 2012. I think there is a good chance that Obama may never again run in a general election for President of the United States.
Do you think I’m being too optimistic about the Tea Party landslide? Perhaps you haven’t read the “Tea Leaves.” Here are my five signs of how clean the sweep will be:
1. The Democratic candidate for Governor of Rhode Island (the bluest of blue states) just told Obama to “shove your endorsement.” Guess what? It isn’t Tea Partiers that are the angry ones. It is Democrat candidates who now realize that Obama has killed their careers. Anger and desperation have set in. They now realize that they’ve foolishly followed a socialist…off a cliff.
2. A Mississippi Democratic Congressman just announced yesterday that he voted for McCain for President. Now this announcement tops them all! Obama is such a millstone around the necks of Democratic Congressman that the only way to save their jobs is to announce they didn’t vote for their own party’s sitting President. It’s all over for this Democratic Congress.
3. It is now reported that Harry Reid is offering Starbucks gift cards to teachers union members in order to get them to vote. Usually the Democrat Party scam only involves cash for drunks and homeless people on the Vegas Strip. Things are so desperate for Democrats now that the U.S. Senate Majority Leader has to bribe teachers for votes. Goodbye Harry.
4. Obama is so desperate about the reality of the repudiation of his entire agenda, that he is showing his anger with offensive, racist language. Did you hear what our President said just this weekend to a crowd of supporters? He said “We don’t mind the Republicans joining us. They can come for the ride, but they gotta sit in back.” Can you imagine the media uproar if a white Tea Party politician had told Democrats they have to “sit in the back”? On Univision yesterday, Obama even called American voters who oppose illegal immigration “enemies” of Hispanics. The President sounds awful angry to me- like a man who knows his political career is in ruins.
5. And finally the biggest sign of all of the impending doom for Democrats: HILLARY IS LEAVING THE COUNTRY. That’s right- our Secretary of State just happens to be jetting off to the South Pacific for two weeks starting today. She’ll just happen to be in New Zealand while Democrats are losing the biggest landslide in modern history.
“From messiah to pariah” in less than two years. On November 2nd the American people will reject socialism once and for all.
And we’ll all learn the most important lesson of all:
When your neighbor loses his job, that’s a recession…
When you lose yours, that’s a depression…
When Obama, Pelosi and Reid lose theirs, that’s a RECOVERY.
Wayne Allyn Root, is the author of the new paperback, "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold, and Tax Cuts.” He is a Las Vegas oddsmaker turned Vice Presidential nominee. Root is available to the media to provide pre and post election analysis, discussion and debate. His website is: ROOTforAmerica.com.
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( 3 / 4526 )U.S. Economy Faces Financial Armageddon and Great Depression II.
We are now facing the worst economic disaster in history- worse even than the Great Depression. I’ve warned for two years now that the real estate picture is far worse than most Americans understand. The foreclosure disaster we’ve seen is only the tip of the iceberg. At the moment 30% of all mortgages across the country are underwater. The so-called “shadow inventory” (homes in foreclosure or far behind on payments) is already 11 million homes and growing. Millions of additional homes will soon fall into foreclosure.
Yet the bigger disaster is the commercial real estate market. Banks have been hiding this tragedy by extending loans on properties that are no longer worth ten cents on the dollar. Many commercial properties have lost most or all of their tenants, and haven’t made mortgage payments in months, if not years. Yet by extending the loans, banks have hidden the disaster unfolding on their books. Make no mistake- commercial real estate loans- shopping centers, malls, strip malls, office buildings- will face foreclosure in unimaginable numbers over the next 5 years. Each new wave will cripple the U.S. economy.
But you haven’t heard the worst of it yet. None of this is what will actually plunge America and the world into the Great Depression II. The real disaster unfolded late last week as it became clear that the banks don’t even hold title to the notes of the homes in their portfolio. That means they have no legal right to foreclose. Does anyone understand the implications of this new revelation? First banks will have to halt foreclosures across the country (as many already have- like B of A), thereby further damaging the housing market.
Second, HERE COME THE CLASS ACTION LAWYERS. The biggest banks in America- already facing ruin because of the trillions in bad debt they hold- will now have to spend billions more on legal fees to fight lawsuits by state attorneys general, class action legal vultures representing homeowners facing foreclosure, and worst of all- past mortgage holders who were foreclosed.
If banks can’t prove title, many homeowners from coast to coast will keep living in their homes without paying a dime. Banks will lose billions. Some homeowners might live forever more without mortgage payments. Others may be awarded million dollar awards for “the stress and mental anguish they’ve endured.”
Now think of the millions of homes that have already been foreclosed. Suddenly all of these ex-homeowners will sue the banks, asking them to prove they held the proper legal title when they foreclosed. Courts could award them damages in the millions each, plus their old houses back. But wait it gets worse. How about the current homeowners living in those foreclosed houses they bought from the banks. Who is the rightful owner? Will they have to return the homes? Real estate values will drop further than anyone ever imagined when the magnitude of this situation becomes clear. Real estate prices could drop another 20% to 30% from today’s lows. The real estate market could take decades- not years- to recover.
The result of this unimaginable mess? The entire U.S. banking system is bankrupt…insolvent. Your bank is broke. Everyone’s bank. And as real estate goes down another 20% to 30%, their portfolios grow even more worthless (is there a term for “Bankruptcy squared”?). They are facing ruin. Their books are cooked- whatever real estate is on them is worthless. But heck, who cares? They can’t prove they own it anyway. And to make matters worse, all the money in all the banks in America isn’t enough to pay the legal fees and damage awards the banks now face. It’s all one big vicious cycle that feeds upon itself.
And as things get worse, and property values sink further, fewer and fewer homeowners will continue to make their mortgage payment. Why should I continue to pay, if my neighbors and friends are no longer paying? Soon the entire system will unravel. The rule of law is broken.
And guess who is on the hook for the entire mess? American taxpayers. We’re on the hook for Fannie Mae and Freddie Mac. And of course, we are on the hook for all the banks too. All their deposits are insured by U.S. taxpayers. Can you spell B-A-I-L-O-U-T?
Are you getting that sinking feeling? Over the coming months the entire banking system will be brought to its knees. Only the U.S. government is big enough to bail them out. But the federal government is broke too. We owe over $13 trillion in national debt, and over $100 trillion in debt plus unfunded liabilities. States, counties and cities are broke and looking at the federal government to save them. This is what you call a never-ending cycle of economic disaster and despair.
This tragedy of epic proportions is caused by government- not private industry. Government has over-seen it all, and mismanaged it all. Government inflated the bubble with low interest rates, Federal Reserve printing presses, and mandates for banks to loan to people with no credit, no way to prove income, and no way to ever repay the loans- in many cases based on affirmative action and the color of their skin (Community Investment Act). And the banks and financial institutions made the loans without a care in the world, because Uncle Sam was guaranteeing it all.
Government caused this entire catastrophe. Remember that on November 2nd when you walk into that voting booth. Message to the N.Y. Times- this just might be why the Tea Party voters are angry and frightened to death for the future of America and future generations of their children and grandchildren. The result will be one of the greatest landslides in U.S. political history. My advice: V.E.T.O. - VOTE EVERYONE of THEM OUT!
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( 3 / 4396 )Nevada is “Canary in the Coal Mine” for Tea Party Landslide on November 2nd
By Wayne Allyn Root, Chairman of the Libertarian National Congressional Committee and Best-Selling Author of "The Conscience of a Libertarian."
The final nail was driven into the coffin of the Obama agenda on Thursday night by a Reno, Nevada grandmother. Look to Nevada on the evening of November 2nd to see the power of the historic Tea Party tsunami. After spending over $20 Million defining Sharron Angle as radical, extreme and dangerous, if Senate Majority Leader Harry Reid loses to this Tea Party grandmother, then you can bet it’s all over for the Obama agenda. The big government, pro union, anti/business socialists (aka Democrats) will be going down to landslide defeats all across the country. And here’s my advice: YOU CAN BET ON IT.
You gotta love a state where the constitution bans taxes and welcomes guns in the hands of law abiding citizens. But starting on November 2nd, Nevada will be known as the state that fueled the Tea Party citizen revolution.
It all started earlier this week when Sharron Angle announced she’d raised a staggering $14.3 million in the 3rd quarter- the second biggest haul in the history of American politics. I’d have given a million dollars to see the faces of Reid and his campaign managers when they heard the news. I’ll bet “shock, awe, and violent waves of nausea” best described their reactions.
Then came the big Thursday night debate. Reid had painted Angle as ignorant, radical, extreme and dangerous. Yet the grandmother from Reno came across as credible, sincere, honest, and filled with common sense. She stood toe-to-toe with the United States Senate Majority Leader and never flinched. The line of the night came from Angle when she stared down her opponent and said, “Man up Harry Reid.” I’ll bet Harry’s handlers got a little weak in the groin area after that line.
Harry Reid, the man who has carried the water for the Obama socialist agenda of tax, spend, and bankrupt America, is the one who came across as radical, extreme and dangerous. Sharron Angle showcased common sense in proving that wanting to lower taxes and allow people to keep more of their own money isn’t extreme. Wanting to raise taxes in a depression on job creators and small business owners- now THAT’S extreme.
Angle proved that wanted to reform and personalize (partially privatize) a failing Social Security system is not extreme. Wanting to keep the status quo for a system that threatens to implode and bankrupt the entire economy- now THAT’S extreme.
Angle proved that wanting to reform education and eliminate the bloated Department of Education to bring the money back to Nevada, where local parents can decide what’s best for Nevada’s children, is not extreme. Wanting to keep the status quo for a disastrous public education system that is miserably failing our children- now THAT’S extreme.
Angle proved that wanting to cut spending to reduce the deficit and debt isn’t radical. Wanting big government to keep printing and spending money we don’t have- now THAT’S extreme.
Most extreme of all would be re-electing the man who dug a $100 trillion dollar hole of deficit, debt, earmarks, bailouts, stimulus-to-nowhere, and unfunded liabilities that threatens to destroy the American Dream for our children and grandchildren. It was on Harry Reid’s watch that America went bankrupt. Could anything be more radical, dangerous, or irresponsible than sending him back to the Senate?
Earlier in the day my good friend, Eric Singer, of the Congressional Effect Fund explained on The FOX Business Network that throughout history the best investment strategy is to buy stocks when Congress is out of town. You heard correctly. For the past half century, when Congress is in session, the stock market is up about 1%. When Congress is out of session or on vacation, the stock market is up over 17%. Since ‘2000 the market is actually down 8% when Congress is in session (much of that time presided over by Harry Reid), and up 9% when Congress is out of town. Moral to the story? Elitist-lawyers-turned-politicians like Reid aren’t saving us when they create new laws. They are damaging the U.S. economy and the American people.
Eric Singer didn’t know it, but he was proving why Harry Reid should be retired. During his debate, Harry proudly stated again and again how important he has been to Nevada and the country. How many rules and regulations he’s passed to "save" us all. How many jobs he’s “created” by spending our money. How government helps us all in so many ways.
Singer’s facts prove that we need to stop Harry from helping us. With friends like him, it’s no wonder our children and grandchildren owe over $100 trillion dollars. Please stop helping us Harry. We can’t take anymore of your help. The more you help, the worse it gets. History proves that Harry Reid and his friends in Congress are actually the cause of our misery.
The common sense of a Tea Party grandmother is just what the doctor ordered. We need a Tea Party “citizen politician” who says “no” to more spending, “no” to bailouts, “no” to bigger government, ”no” to higher taxes, and “no” to digging the hole deeper. We certainly need fewer rules, regulations and laws created by the lawyers, for the lawyers, to screw the people.
And then there was the final zinger of the night from Angle: “Senator Reid, how did a poor boy from Searchlight Nevada become a multi-millionaire on the government payroll?” You could feel the air going out of Reid as he stumbled and stammered. A simple grandmother had ripped the privilege, power, and intimidation factor from the U.S. Senator who lives like political royalty at the Ritz Carlton. Suddenly the emperor had no clothes. How indeed Harry?
On November 2nd Nevada will show America how to throw a citizen revolution. Nevada will show America who the real radicals, extremists and dangerous thieves are- the elitists, lawyers, and career D.C. politicians. Nevadans will fire a shot heard around the world with a message to the United States Senate Majority Leader- “HARRY REID, YOU’RE FIRED!”
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( 3 / 4389 )Paul Krugman, the Nobel Ignoramus, recently wrote a column for the New York Times entitled, "The Angry Rich." According to Krugman wealthy people are angry because money to which they feel “entitled” is being taken away. Krugman is outing himself as a socialist by admitting publicly that he considers the idea of wanting to keep more of your own money an “entitlement.” Radical leftists lie and distort to incite class envy. They call it “greedy” to want to keep money that you earned, but it’s not greedy to demand that government steal it from you and redistribute it to those who never earned it. That’s an interesting interpretation of “greed.”
Krugman forgets to tell his readers that this "angry minority" pays the "disproportionate majority" of the taxes. The top 1% of earners pays almost 40% of all income taxes. The top 5% pays 70% of taxes. The top 25% pays almost 100% of taxes. Damn right the rich are angry. It’s always easy to vote for tax increases on someone else- especially when it gets redistributed to you.
Yes, we’re angry. We are tired of being scapegoats and punching bags. We are tired of politicians taking our hard-earned money and wasting it on bloated government spending; more government employees who receive guaranteed jobs and obscene pensions for life; unnecessary wars; vote-buying earmarks; corrupt bailouts to campaign contributors; and trillion dollar handouts described as stimulus.
Krugman reports that these are desperate times for people who have lost their jobs or homes. This is true. But who will create the jobs to help all these people? Assuming they still have the money- small business. Entrepreneurs who pursue the "American Dream” do so by creating businesses, creating jobs, and spending money on equipment and raw materials. They make their employees and the employees of the places they buy from, rich too. How many millionaires did Google, Cisco, Apple, and Microsoft mint? How much money did their employees spend? How many Americans were enriched by all this success?
Krugman says “real” rage and suffering isn’t found among the rich. In his socialist mind it’s only found among the poor. Well Mr. Krugman, my friends are mostly small business owners. They aren’t rich like your limo-driving, private jet-flying, Gucci-wearing, leftist, New York Times readers. My friends are “working rich.” And they are suffering in record numbers. They are losing their executive jobs, never to find another. They are struggling to make payrolls, so their employees can pay the mortgage- while they themselves forgo a paycheck. They are losing their small businesses, along with everything they’ve worked years to build. They are spending their retirement money on their own survival, or their children’s college education. They are desperate- you just don’t notice up there on the top floors of the New York Times.
This is precisely why there are no jobs- “the working rich” are in trouble, under siege and being squeezed by the economy and government. And as long as people like Mr. Krugman are in power, there will be no new jobs. The truth is socialists like Obama and Krugman wouldn’t know how to create a job, if it hit them in the face. The only way they know how to create jobs is by taking $40 million from taxpayers’ pockets to create twenty temporary jobs at a cost of $2 million each. Thank goodness we have Nobel Prize winners like Krugman and Obama to save us.
It’s small business owners earning $250,000 to $500,000, not the titans on Wall Street, who will be hit by Obama’s gigantic tax increases. Yet Obama and his leftist cronies chose to bailout Wall Street and give sweetheart deals to the big shot execs at AIG, Goldman Sachs, and GM. It’s no coincidence that Obama was the biggest beneficiary of their campaign contributions. During all this time, Obama did nothing for small business. Now Krugman and Obama demand higher taxes on “the rich” and use Wall Street titans as the scapegoat to hide who will really be paying the tab.
Krugman denigrates and taunts people who make $250,000 to $500,000. “They can afford higher taxes” is his leftist chant. But take another $50,000 in taxes from a family making $400,000 and you've just put two of their employees making $30,000 a year directly in the unemployment line. You'll spend about $400 a week in unemployment insurance for the next 99 weeks for each of those employees, for a net loss to the government of $30,000 or so. That kind of economic model only works in books written by Karl Marx, and taught by Nobel Ignoramus Prize winners.
Krugman calls the rich in America “the world’s luckiest people.” Are you joking? The majority of the rich you are referring to, toil at their small businesses 60+ hours a week, sacrificing family and quality of life. Unlike government employees, they have no short workdays, no 3-day weekends, no summers off, no guaranteed jobs for life, no bloated pensions.
These heroes of the business world that Krugman derisively calls “rich” and “greedy” took on hundreds of thousands of dollars in debt to fund their educations, then risked hundreds of thousands more to start their small businesses. Their reward for all this hard-work, sacrifice and risk-taking from socialists like Obama and Krugman? A greedy government that demands more and more in return for…nothing. Sorry Mr Krugman, I don’t need partners like that. Usually partners like that are called organized crime.
Mr. Krugman says the rich aren’t willing to sacrifice. Not true. The rich are willing to sacrifice, but they are not willing to be sacrificed, while the American Dream is forever destroyed.
Krugman says the rich are angry and out for revenge. Well that’s not hard to understand when a productive minority of risk-takers and job creators is being lynched by a dysfunctional group of socialists that believes keeping some of your own money is an "entitlement." Soon we intend to insure that Nobel Ignoramus socialists like Krugman and Obama and are never again allowed anywhere near the American economy.
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( 3 / 4458 )A Detailed and Specific Plan to Save the U.S. Economy
“If you analyze it I believe the very heart and soul of conservatism is libertarianism.”
-- Ronald Reagan
I am a proud Reagan Libertarian. Ronald Reagan turned the worst economic slump since the Great Depression into the greatest economic turnaround and expansion in world history with one simple stroke of genius -- the largest tax cut in U.S. history (ultimately reducing top marginal tax rates from 70% down to 28%). That tax cut benefited and motivated the groups that produce virtually all of the jobs and tax revenues in America -- small business owners and taxpayers. These are the very groups that President Obama chooses to punish, instead of reward. Obama redistributes money from taxpayers and small business owners to his voters -- who create virtually nothing, pay almost no taxes, create no jobs, and ask for handouts and entitlements from cradle to grave. In short, Obama’s voters are bankrupting this once great country. This is precisely why the U.S. economy has fallen off a cliff. We are staring at the abyss -- economic Armageddon, chronic massive unemployment, and worldwide depression. It is time for dramatic measures to stave off disaster, deficit, debt and depression.
It is time for a Reagan Libertarian Contract with America, a daring plan aimed squarely at motivating entrepreneurs, small business owners, and taxpayers. These are the people who risk, invest and build America. Without their cooperation, motivation, and success, there can be no recovery. This daring plan is the polar opposite of the Obama socialist plan. But unlike Republican plans, it places equal importance on limiting the size of government, shrinking spending, and limiting the power of politicians, as opposed to simply cutting taxes.
Can it be done? Look south to communist Cuba to see Raul Castro cutting 500,000 government employees, with a promise to cut 500,000 more. Castro is privatizing vast swaths of government and encouraging Cubans dependent on communism and big government to find a private sector job, or start a small business. Even communists are getting the message that desperate times call for daring measures (and a dramatic change in strategy).
Or look north to our neighbor Canada, which in the late 1990’s stared down economic disaster and debt, and pulled off an economic miracle with both spending cuts and tax cuts. Canadians turned a large deficit that threatened to destroy their economy and credibility into a budget surplus. If Cuba can do it…if Canada can do it…the greatest nation in world history can do it bigger and quicker.
Here is the 20-point Reagan Libertarian Contract with America:
#1) One-Year Income Tax Vacation -- Award every taxpayer in this country a one-year income tax vacation. This plan costs about the same $1 Trillion that Obama spent on his failed Stimulus-to-nowhere. But watch this version of stimulus turn a bust to boom as taxpayers and entrepreneurial risk-takers invest record sums, now sitting on the sidelines, into business creation and expansion, stocks and real estate- thereby creating a jobs explosion.
#2) Welcome taxpayers back from the income tax vacation with a permanent and simple Flat Income Tax, combined with zero Capital Gains tax. This emulates the most successful economy in the world- Hong Kong. Start the flat tax at 20%, to be reduced to 15% when the budget deficit is reduced to no more than 3% of GDP. This combination will stimulate and reward risk-takers and small business innovators, thereby creating millions of new jobs.
#3) Offer “angel investors” a New Investment Tax Credit. Investors would receive dollar for dollar tax credits up to $100,000 for investments in IPO’s, secondary offerings, startups, and new real estate developments. This would stimulate the economy by rewarding entrepreneurship and job creation. Two of every three new jobs are created by small business. But almost 100% of these jobs come from business startups.
#4) Suspend the Employer Payroll Tax for two years. Small business needs a break. Give them two years without having to pay for the payroll taxes of their employees. The savings will be invested in new job creation, expansion of a business, a new startup, or capital improvements. Millions of new jobs will be created overnight.
#5) Cut the corporate income tax rate from 35% (currently 2nd highest in industrialized world) to a flat 15%...but in order to pay for it, eliminate all corporate welfare. We should support free market capitalism -- not a crony capitalist government that picks winners and losers, and awards favors, subsidies, and sweetheart deals to the biggest campaign contributors.
#6) Turn illegal immigration from a cost to a benefit. First, secure the borders with a combination of virtual technology and greatly enhanced border security. Then offer INSTANT CITIZENSHIP for any immigrant in the world that brings $250,000 or more to invest in a U.S. home or business within six months of arrival. This brings tremendous wealth to America; creates millions of new jobs; ends the real estate, foreclosure and banking crisis; and brings in new employers and employees to resolve the Social Security crisis.
#7) Social Security, Medicare and Medicaid are eating up the entire U.S. budget. They will single-handedly destroy the U.S. economy within twenty years. Social Security can be secured and the debt reigned in with an immediate rise in the age of retirement to age 68 for anyone younger than 55…and within five years raise the age of retirement again to age 70. This phase-in secures Social Security without raising taxes.
#7a) Combine this age raise with a Partial Privatization of Social Security for younger workers. This gives younger Americans ownership of their own retirement accounts. Upon death, it belongs to their family.
#7b) Convert Medicare & Medicaid into block grants and hand the entire budgets to the states. Let each state offer higher deductibles and incentives for recipients to save money on medical care. States get to keep the savings. This will turn the states into competitors, fostering competition to attract new residents and taxpayers.
#8) Legalize, regulate & tax online gaming and medical marijuana -- raising almost $300 Billion over the next decade, directed to deficit reduction.
#9) Dramatically cut the size of government with an immediate freeze of all government hiring; freeze all salaries; and immediately cancel all cost of living raises and step-up raises. This freeze should stay in effect until the average compensation of government employees is equal to the private sector.
#10) Implement government employee pension reform by changing from defined benefit to defined contribution plans (just like a private sector 401k). This eliminates all debate over age of retirement for government employees and how government pensions are funded. It no longer matters, as the government is no longer responsible for funding their retirement.
#10a) Ban unionization of government employees, thereby eliminating collective bargaining. Government employees shouldn’t be squeezing taxpayers.
#11) Pass a Balanced Budget Amendment to the Constitution to take effect after the end of the Income Tax Vacation.
#12) To achieve a balanced budget, institute dramatic cuts in government spending -- 30% across the board cuts for all departments, no exceptions (including military and defense) phased in over 3 years (10% per year). After that, limit any increase in spending to population growth plus inflation.
#12a) Give the President the line item veto to carve additional waste out of each and every bill passed by Congress.
#13) Audit all federal agencies and programs to determine if they or their spending are Constitutional. This would automatically result in the banning of TARP, stimulus and bailouts FOREVER.
#14) End the Iraq and Afghanistan wars -- that includes bringing home the 50,000 troops remaining in Iraq presently.
#14a) Demand Congress issue a formal declaration of war before fighting any future wars (unless responding in self-defense). This would reduce the likelihood of future wars, thereby saving taxpayers billions in potential deficit spending.
#14b) Phase out ALL foreign aid by cutting out 10% per year for 10 years -- thereby giving all our allies time to prepare.
#14c) Dramatically cut the number of military bases across the globe -- specifically Japan, Germany and South Korea. It is time for our rich friends to pay their own way.
#15) Repeal Universal Healthcare, institute Tort Reform, expand freedom of consumer choice (allowing consumers to buy across state lines), and expand HSAs (Health Savings accounts). Make all health costs -- including insurance -- 100% tax deductible.
#16) Education -- Eliminate the Department of Education, redirect the funds to the state and local level. Ban unionization of teachers. End tenure -- job security and compensation must be based on performance. Encourage school choice, parental freedom, and vouchers at the state and local level. A well-educated country is essential to the economic future of America. Teachers unions have damaged education almost beyond repair.
#17) Energy -- Encourage unlimited offshore drilling to dramatically lessen our dependence on foreign oil. But in return for unlimited drilling, end all special tax breaks and subsidies to the oil industry.
17a) Have the U.S. Government offer a $27 Billion prize to the company or companies that find an economical, domestically-sourced replacement for fossil fuel. The amount of this prize is roughly equal to the annual budget of the Department of Energy. By offering a prize for performance and closing down this agency, we save the taxpayers tens of billions in future spending. And once a company succeeds and claims the prize, we eliminate the motivation of going to war to secure access to foreign oil. This “open source problem solving” should be used to solve many of the biggest challenges facing our country.
#18) Perhaps most importantly, LIMIT THE POWER OF CONGRESS:
a) Limit all members of Congress to two terms.
b) Limit the amount of time Congress can meet to only four months per year. The less time they have to create more laws, the less damage they can do to the American people and the U.S. economy.
c) Limit Congress to passing only bills that are PROVEN constitutional (Enumerated Powers Act).
d) Place a three-year moratorium on passing any new rules, regulations or mandates on the American people or American business.
e) Immediately ban Congress from hiring staff with outstanding tax debts or liens. If the people that run the country can’t pay their tax bills, they have no right to ask us to pay ours.
f) Require that all bills be read out loud in front of a fully assembled Congress before voting on them. This will put an end to 2,000 page laws that no member of Congress ever reads, but all Americans are required to follow.
g) Post all bills online at least four weeks for public vetting before voting on them.
h) Mandate that all bills passed by Congress also apply to members of Congress.
i) Allow the legislatures of two-thirds of all states to overturn any Federal law or regulation. It’s time to provide states with a check on a runaway Congress.
#19) Forever ban the word “czar” from our government’s vocabulary. No President should ever be able to hire cabinet level executives without vetting and approval by Congress.
#20) Audit the Fed, then aim to eliminate this unaccountable organization that has done such damage to the U.S. economy.
This 20-point "Reagan Libertarian Contract with America" will put the U.S. economy back on solid ground. It will create millions of jobs- just as Reagan’s tax cut did in the 1980’s. It restores economic freedom. It rewards entrepreneurship. It stimulates small business. It limits the power of government- just as the Constitution demands. It proves that Libertarianism is the very heart and soul of conservatism. Ronald Reagan would be proud.
The author of the Reagan Libertarian Contract with America is Wayne Allyn Root, the 2008 Libertarian Vice Presidential Nominee. Wayne is Chairman of the Libertarian National Congressional Committee. His new paperback will be released next month, “The Conscience of a Libertarian: Empowering the Citizen Revolution with GOD, GUNS, GOLD & TAX CUTS.” His web site: www.ROOTforAmerica.com.
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