Wayne Allyn Root: How I Would Fix The Economy

Written by:
Wayne Allyn Root
Published on:

If You've Ever Wondered How a Common Sense Small Businessman Would End This Depression and Save Capitalism...Here is the Plan... (note that Wayne Allyn Root's opinions are not necessarily those of Gambling911.com nor its management)

A Revolutionary Tea Party Plan to Save the U.S. Economy from Economic Disaster.

A State of the Union From a Small Businessman, Capitalist Evangelist, Tea Party Enthusiast, and Reagan Libertarian.

Because Small Business Really is Too Big to Fail.


Only Small Business Can Turn Economic Armageddon into Economic Boom Overnight.

By Wayne Allyn Root, 2008 Libertarian Vice Presidential Nominee

We are not recovering from a recession. The spin, propaganda and wishful thinking from Obama, Congress and the Fed are wearing thin on the average American. Anyone with a brain and common sense can see that we are not recovering at all. Even the voters of Massachusetts realize things are bad and Obama's plan isn't working. There may be a recovery at GE, Haliburton and ExxonMobil (because of the legal bribery given to big business called stimulus and bailouts)- but not on Main Street where all the jobs are created.

Obama is about to present his State of the Union. But he doesn't have a clue about the true state of the union for small business owners. I am a small businessman. My friends are almost all small business owners. We all believe that Obama's prescription for saving the American economy is a disaster. His policies of tax and spend are killing jobs, destroying confidence, and wiping out small businesses by the thousands per month. Without a recovery by small business, there can be no recovery for the U.S. economy. Today I present a plan that can save small business...direct from the only small businessman-turned 2008 Vice Presidential nominee. I'm proud to call myself a Tea Party REAGAN LIBERTARIAN. My hero Ronald Reagan understood small business. That is why he created the largest tax cut in U.S. history- a tax cut aimed squarely at small business. That one brilliant stroke of capitalist incentive ushered in the greatest economic expansion in world history, leading to 25 years of virtually uninterrupted economic success.

My plan is "Reagan squared." It has one goal in mind- creating tens of millions of new jobs by motivating and encouraging small business. This plan allows small business owners to keep more of their own money, and encourages them to invest it, risk it, and spend it on building new businesses, expanding old businesses, and creating new jobs. That is how you save the U.S. economy from economic disaster.

Things are bad...and getting worse. As a small businessman, with my finger on the pulse of Main Street, not Wall Street, I see the true state of the union. This is not a recession; it is a depression. We are not in recovery. We are in the depths of a long-term depression. I believe America is on the verge of economic collapse. For us to get out of this Great Depression II, we must focus on small business- not big government, not big corporations, not unions, not lawyers, not lobbyists, not government spending, not stimulus spending, not the hiring of more government employees. None of those create jobs (as Obama has proven). Jump-starting small business is the only way out of this catastrophe.

Printing money and passing out piles of fake cash in the form of bailouts and stimulus may make things look better for the short term, but they only make the long-term situation worse. The fact is governments around the world are out of ammunition. As soon as the stimulus and bailouts run out, we will all feel the REAL effects of this economic Armageddon: devaluation of the dollar; dramatically higher interest rates; dramatically higher taxes; dramatically higher inflation; dramatically lower government bond ratings; default on our debt; and sooner, rather than later, economic collapse. That is the future we are facing- and it is ugly.

Barack Obama hasn't a clue what to do. He is a typical lawyer, community activist and career politician. None of those groups knows anything about small business. Obama arrived at the White House without having ever created a private sector job in his life. His track record is still perfect- after a year as President, he still hasn't created a private sector job.

Mr. Obama needs an economics lesson- saving or creating government jobs doesn't count. Each government job is actually a drain on the economy- they COST taxpayers' money (not just today, but for decades to come with pensions and benefits like free healthcare). The size of big government is like a giant vortex- sucking money out of the economy, as well as damaging, discouraging and punishing small business and taxpayers. Government spending, and government employee unfunded liabilities are combining to dig a hole so deep for the U.S. economy that we may never recover. The millions of government jobs at the federal, state and local level aren't the solution...they are the problem.

BUT there is a solution. There is still time to save America. We can turn this depression into the greatest economic turnaround in world history. We can create an economic boom- just as Ronald Reagan (inspired by my other hero Congressman Jack Kemp) did when he saved us from the malaise and misery of the deep recession and bleak future created by Jimmy Carter. The turnaround started then, and starts today with an economic plan aimed squarely at small business. Small business is the economic engine of the American economy. Small business has created virtually all of the tens of millions of new American jobs since the Reagan Revolution. Without small business leading the way, there can be no economic or jobs recovery.

The Obama economic plan is all wrong. He is an intellectual who has spent a great deal of time reading books. Unfortunately many of those books were written by Karl Marx. Have you seen the results of Marx's economic prescription on the economies of Cuba, Argentina, Venezuela, the old Soviet Union, the old communist China, and even most of Europe today? Those economies share similar results- limited economic growth, no job growth, no small business creation, and a far lower quality of life for their citizens. Redistribution of wealth, tax hikes on the rich, punishing the business owners, encouraging unionization of the workforce, forcing up minimum wages, massive entitlement programs, massive government spending and hiring have never created job growth in the real world. America, under Obama, is headed in the wrong direction.

So how do you save the world's biggest economy? The same way that Reagan created the greatest economic explosion in world history- by allowing small business owners and investors to keep more of their own money. Obama will call this plan a "giveaway to the rich." But someone needs to explain to Obama, Reid, Pelosi and their socialist cabal that it can't be a giveaway, when it's your money in the first place. Tax revenues belong to taxpayers and business owners- not the government. Allowing someone to keep more of the money they earned is quite simply a smart and lightening quick way to encourage the creation of millions of new jobs. As my father used to say, "I'd like to hate rich people, but the problem is no poor person has ever given me a job." Mr. Obama has yet to learn that lesson. It's clear that any Columbia University economics professor who ever gave Obama an "A" is a socialist. 

Obama has given away money by the trillions as President- but to the wrong groups. He has redistributed it from the business owners and job creators...to people with their hands out, who didn't earn it. He has given what he calls "tax cuts" to people who never paid taxes in the first place. He has rewarded unions that destroyed and bankrupted their employers in the first place. He has turned GM and Chrysler into $100 BB government welfare programs (that happen to build a few cars). He has given away corporate welfare by the trillions (calling it "bailouts") to big business, but given nothing to small business. Those are in fact all the definition of "giveaways." That kind of spending runs up the debt and bankrupts the nation. If Obama claims we can't afford to cut taxes on small business, America has a strong, loud and clear message for him: CUT GOVERNMENT SPENDING. The reason for our deficit and national debt isn't that we tax too little, it's that government spends too much.

Obama can't tax us out of a depression. Obama isn't saving the America economy with income tax hikes, capital gains tax hikes, healthcare tax hikes, VAT taxes, FICA tax hikes, Medicare tax hikes, cap and trade taxes, new taxes on banks and Wall Street. He is killing the motivation and spirit of the only group of people that can save us from disaster- small business owners and investors. He's CAUSING a depression and destroying capitalism. Perhaps that's his plan to socialize America. If so, it's working.

This Tea Party plan is simple. It allows the citizens and taxpayers of this great country to keep more of the money they earn. This plan aims to inspire the small businessman and woman; to motivate them; to get them excited again about risking and investing in the American Dream. A government handout doesn't do that. A tax cut does. That kind of common sense isn't found in books read by Ivy League intellectuals. Surprisingly, it isn't even found on Wall Street anymore. It is only found on Main Street.

Ronald Reagan proved that you can turnaround even an economic disaster quickly with a giant tax cut aimed at the most important people in any economy-SMALL BUSINESS OWNERS. These courageous financial risk-takers create virtually all the jobs, pay most of the taxes, allow all of their employees to build their own American Dream. These are the heroes of the business world. This simple, common sense 5-step plan to motivate small business goes even further than my hero Ronald Reagan. It is Reagan SQUARED. It is the Tea Party/Reagan Libertarian solution to saving the U.S. economy.

Part II Coming Tomorrow.   

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