With millions of Americans out of work, and millions more living in poverty in what is known as the wealthiest nation on Earth, many wonder what can be done so that the United States may better reflect the title it likes to flaunt with such distinct confidence. Here are some steps that can be taken to promote the economic prosperity America has come to know:
1. The overturning of the Affordable Care Act (Obamacare). It’s no secret that since the government was able to take over one-sixth of America’s economy, it has been choking the life out of businesses. Small business owners and entrepreneurs I know personally have now had to weigh the cost of government mandated health care into their budgets, and they find themselves having to face a grueling choice of cutting benefits or cutting workers.
2. Washington needs to get real on taxation and spending. It’s the most common law of financial literacy: don’t spend more than you take in. You will end up in debt. Yet that is exactly what is happening. More than $3 trillion in spending this fiscal year, countered with only just over $2 trillion in revenue make for a trillion dollar deficit this year alone. A 35% corporate tax rate (the highest in the world) means that many businesses will continue to conduct operations overseas, thereby reducing the possibility of Americans getting jobs back domestically. The corporate tax rate needs to be reduced so that jobs may come back to the home front, and make America a global competitive force in the business sector once more.
I’m willing to bet that a lot of the things politicians in D.C. spend revenue on (themselves included!) are a waste. If Congress would cut its pay in half (as a start) and eliminate truly unnecessary bureaucracies of government and reform others, it would be a significant step in getting the spending under control.
3. Get America working again: the official unemployment rate in America is 8.1%, but if you go by the raw numbers, it’s closer to 9%. If you include those who have given up searching for a job, the rate is closer to 15%. These are hardly flattering numbers for the richest nation in the world. If taxes are lowered to a reasonable rate, job creators would have the confidence to invest, consumer confidence would rise, all of which point toward more revenue for businesses.
Of course, it is imperative that business owners (large and small) do not waste this would-be newly acquired revenue on themselves. They must reinvest that money in the businesses themselves by improving programs they may have, and hiring more American workers.