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    Holy Economics: Resolving the Debt Crisis
    Holy Economics: Resolving the Debt Crisis
    Holy Economics: Resolving the Debt Crisis
    Ebook106 pages1 hour

    Holy Economics: Resolving the Debt Crisis

    By Marvin Platt

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    About this ebook

    Three times in American history the United States has found itself at critical crossroads: The Civil War, The Great Depression, World War II.

    It now faces Congressional impasse, debt and fiscal challenges, a need for fairer tax codes, resolution of a health care crisis, trade imbalances, job and infrastructure development, and moral affirmation grounded in tradition and the rule of law.

    Once again, it must choose the correct path for its destiny. This book explains how to resolve these issues.

    LanguageEnglish
    PublisherMarvin Platt
    Release dateJul 30, 2012
    ISBN9781452404134
    Holy Economics: Resolving the Debt Crisis
    Author

    Marvin Platt

    M.S. Platt M.D., J.D. is a long time resident of Akron, Ohio. He is a Professor Emeritus of Northeast Ohio Medical University,and has taught at Northeast Ohio Medical University, Dartmouth Medical School, and the University of Akron Law School. He was the first Medical Examiner of Summit County, Ohio. Dr. Platt is a public educator and has interests in forensic pathology, pediatric pathology, social justice, and improving the political circumstances of this nation.

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      Book preview

      Holy Economics - Marvin Platt

      HOLY ECONOMICS

      RESOLVING THE DEBT CRISIS

      M.S. PLATT

      -

      Smashwords Edition

      Copyright 2011 by M.S. Platt

      All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval system without permission in writing from the copyright owner; except, comments and critiques with reproduction of no more than 500 words of text are permitted.

      This work is an analysis of the debt and fiscal crisis of the United States of America, circa 2011.

      To order printed copies of this book, contact:

      MONTE VERDE PRESS at1-802-279-4022 or plattmsp@gmail.com.

      monteverdepress@monteverdepress.com

      http://www.monteverdepress.com

      -

      DEDICATED TO FAETERRI ALEX DYLAN

      TABLE OF CONTENTS

      Acknowledgement

      Prologue

      Chapter I Prologue; How did we get here?

      Chapter II What should we do? Our fundamental sources of information

      Chapter III What should we do? Considering some recent suggestions

      Chapter IV Revision of the Tax Code

      Chapter V Corporate taxes

      Chapter VI Social Security and Health Issues

      Chapter VII The Job dilemma

      Chapter VIII Debt reduction

      Chapter IX Epilogue

      APPENDIX:

      Constitution of the United States

      Table 1.1

      Representative Paul Ryan: The Path to Prosperity

      The National Commission on Fiscal Responsibility/Reform

      PUBLICATIONS OF MONTE VERDE PRESS

      Acknowledgements

      I wish to acknowledge:

      Dimitri Agamanolis for his counsel,

      Joanne Meyers for typing,

      Anna Maria Barnum for editing,

      and Linda Higbie for reviewing this work.

      Prologue

      Isaiah 6:8-6:9

      I heard the voice of the Lord saying, Whom shall I send, and who shall go for us?" And I said, here I am! Send me!

      And He said, Go and say to this people, surely you hear but you fail to comprehend, and surely you see, but you fail to grasp. The heart of this people is fattened ....

      Jeremiah 1:7

      The Lord said to me, ... For regarding whatever I shall send you, you shall go, and whatever I command you, you shall speak. Do not fear the people for I am with you, to deliver you ....

      CHAPTER I

      How Did We Get Here?

      The United States is a wonderful country. It fosters a democratic-republican form of government and a vibrant, capitalistic based economy, but misjudgments in its fiscal reasoning in the past thirty or more years have caused a vast disarray in its revenue and expenditure stability. This has caused increased debt loads, and these could dismantle the nation’s ability to secure and maintain loans or operate in a timely fashion.

      There is need for a review of this nation’s fiscal policies, for to do otherwise would adversely affect the security of the nation and its economic vitality. Good fiscal policy requires predictability, foreseeability, constancy, and stability. Else, chaos reigns.

      How has the United States arrived to this dismal circumstance? One must examine the budgetary history for the past thirty or more years.

      This country now carries a debt load of approximately $14.3 trillion. Approximately 67% of this debt is held by the public, 47% of this public debt is foreign owned (Budget, 2010). The debt load is approaching 100% of GDP, and there are concerns that investors will make demands on this load by requiring higher interest rates or refusing to lend money to the U.S. Expenditures cannot continue to exceed revenue.

      These circumstances were not always so. In 1940, following the Great Depression, the gross national debt was $50.6 billion (Treasury Direct). In 1950, following World War II (WWII), the debt rose to $256.8 billion. It rose to $909 billion by 1980 and $3206 billion ($3.2 trillion) by 1990. In 2000 it rose to $5.6 trillion, and in the past decade (2000-2010) overreached to $14.3 trillion. In face of a growing population of young adults reaching maturity (the baby boom), it is estimated that increased health, social security, and other societal safety nets will further accelerate the cost and the needs of the nation.

      Let us examine the most recent budgetary expectations of the nation (Budget, 2010). In 2010, the federal budget allocated $3.552 trillion dollars (estimated) for expenditures. These were designated as follows:

      Mandatory spending; $2.184 trillion including the following:

      Social Security $678 billion

      Medicare $453 billion

      Medicaid $290 billion

      Other mandatory programs $571 billion

      Interest on debt $164 billion

      Potential costs for disasters $11 billion

      Other needs $17 billion

      Discretionary Spending; $1.368 trillion for various departments:

      Defense $664 billion

      Health (HHS) $79 billion

      Transportation $73 billion

      Veterans Administration $53 billion

      State Department $52 billion

      Housing/Urban $47 billion

      Education $47 billion

      Homeland/Security $43 billion

      Energy $26 billion

      Agriculture $26 billion

      Justice $24 billion

      NASA $18 billion

      Commerce $14 billion

      Treasury $13 billion

      Labor $13 billion

      Interior $12 billion

      EPA $10 billion

      Social Security Administration $10 billion

      Other Agencies $38 billion

      Other $105 billion

      The estimated revenues for 2010 were $2.381 trillion from the following sources:

      Individual income taxes $1.061 trillion

      Social Security and other payroll $940 billion taxes

      Corporation income taxes $222 billion

      Excise taxes $77 billion

      Custom duties $23 billion

      Estate/gift taxes $20 billion

      Deposits on earnings $22 billion

      Other $16 billion

      The difference, the deficit that ensued, was $1.171 trillion. This added debt raised the national debt to over $14.2 trillion, and the deficit is expected to rise in 2011. In previous years, the deficit in 2009 was $1.42 trillion, an amount that was $960 billion greater than that of 2008 (Treasury Direct). In 2009, the government collected $2.1 trillion in revenue, $400 billion less than in 2008, in part, due to the recession. Individual income tax revenues declined 10% in 2008 and corporate taxes declined also. The great concern of all this activity is whether the country can financially support these excursions, survive them, and/or reverse them These concerns have been shared by multiple parties within and without the United States. They were actively addressed by the Congress and in the analysis and publication of the National Commission on Fiscal Responsibility and Reform (NCFR, 2010). One may take exception to some of the recommendations of the commission, but the overarching statement of that body is that financial and fiscal planning must be addressed presently, and many changes are in order.

      Perhaps it is time to re-examine the virtues and limitations of capitalism as it is practiced in the United States at this time. It has served the country well in its 235 year history (1776-2011), but it has strained the

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