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Restore the Economy and Jobs
In 1933, FDR inherited an unemployment rate of 25%. His administration immediately started jobs programs. Those jobs put money in the hands of people and gave businesses an improved market for goods and services. The businesses expanded and created more jobs. By 1937, the unemployment rate was down to 14%. The government backed off the jobs program and the rate went back up to 19%. Job stimulus was reinstated and the unemployment rate went back down to 14% by 1940 and the start of WW II. The war was a giant deficit finance program which ended unemployment.
The lesson to be learned was to not end the job stimulus program too quickly. We need to produce a positive spiral of jobs leading to improved business markets and to more jobs. The job stimulus will need to continue until that spiral is well established. We can help businesses by tax incentives to encourage expansion and reducing the burden of health care costs.
Raising the minimum wage will increase the purchasing power of people increasing the market for businesses. In states where the minimum wage has been increased, the economy has improved.
Small businesses are quicker to react to opportunity and create jobs. They will be best able to fuel the jobs, business market, jobs positive spiral. Tax incentives in areas such as investment credits and increased single year equipment depreciation credits will help. We need to streamline government interactions with small (and large) business. For the last 20 years, I have worked in business process improvement which can typically decrease the time and cost of existing business processes by 85%.
We must adopt an America First approach to business tax incentives and international trade agreements. American businesses export jobs to low wage countries and gain tax advantages for doing so. We need to review our corporate tax policy and trade agreements to promote long term benefit for America. Trade agreements should be tied to International Labor Organization standards to prevent the exploitation of foreign labor and the unfair playing field it creates for businesses which hire American workers.