On December 1, 2010, the President’s Debt Commission issued a report recommending specific budget cuts and tax increases. To date, these austerity measures have not been acted upon by the administration.
Written by Dick McDonald, founder of www.theusaplan.com
During the recent campaign, the Republicans promised draconian spending cuts to the national debt and tax cuts for the 2% of “job creators.” But these, it seems, were largely perceived as attacks on government welfare and entitlement programs; and the people re-elected President Obama and a majority Democrat Senate.
All that was heard from both parties was “no we can’t” – compromise our cradle-to-grave policy or sink-or-swim principles. What the nation desperately needs is some meaningful “Yes we can,” and they need it in big doses because we are heading off the proverbial social as well as fiscal cliff.
This is why I started the Prosperity Commission to give Americans the “hope and change” no government in the history of man has ever given its poor and working class – wealth. That is a big idea; one the people will actively support.
Granted, America has the “wealthiest “poor in the world, but that “enrichment” is supported by government entitlement and welfare programs that have run up debt amounting to a $1.2 million liability for each and every household in America. See http://www.usdebtclock.org.
The Prosperity Commission is promoting its USA Plan. The “USA” stands for the Universal Savings Account. At its core, the plan expands trickle-down economics to include (1) the poor, (2) the middle-class and (3) rich people who aren’t “job creators,” like movie stars and sport stars. We prefer to call it the Rise Up Theory of Economics.
Making all Americans job-creators will lead to a citizenry that can afford, out of their own pocket, to retire affluently and acquire the best healthcare on the planet. Considering our current unfunded $121 trillion of debt attributable to the existing Social Security, Disability and Medicare programs, the government is clearly not up to the task.
It is time for the people to assert their sovereign right to change the way government works as specified in our Declaration of Independence. The USA Plan is step in that direction.
The USA Plan funds each taxpayer’s Universal Saving Account (USA) by diverting his or her Federal payroll taxes (the 15.3% of their gross income withheld or paid) into their personally owned account, which is unreachable by the government or the courts and administered by an independent trust not associated with Wall Street.
Over the 40-year working life of the average $50,000-per year taxpayer, that 15.3% withheld or paid amounts to an investment of $300,000 (40 x 15% x $50,000). Invested weekly into the stock market (not bond or money market) will accumulate and compound into a nest egg of $ 4 million, based on the average rate of return for 40-year investments in the S&P 500 since 1911 – the period of 1871 to 1911 being the first 40-year period. See the USA Plan website for the year-by-year calculation of the $4 million nest egg and the historical record of the S&P 500’s rate of return.
The logical response to the diversion of payroll taxes into USAs is, “Where are we going to get the money to pay existing Social Security, Disability and Medicare benefits?” The answer to that is much simpler than you think: The USA Plan upon enactment will immediately cut the $138 trillion of “funded” and “unfunded” US debt to $30 trillion. READ FULL ARTICLE Yes We Can | New York Daily Sun – The Trusted New York Daily Broadsheet.
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