Mark's 7-Point Plan for Economic Security
1. Emergency Economic Measures
Take such emergency measures as are necessary to stabilize the economy & protect the American people now, without bailing out Wall Street.
2. Health Insurance -- Increase Availability and Flexibility
- Health insurance options for individuals must include: 1) non-mandatory ACA, 2) opt-in to Medicare, and 3) emergency health insurance (high deductible, no coverage for pre-existing conditions).
- One national market for health insurance.
- De-link health insurance from employment by making health-insurance costs deductible from personal income tax.
3. Financial Market Reform -- Stop the Bubble Economy
- Re-enact Glass-Steagall.
- Ban stock buybacks from publicly-traded companies with any non-trade debt (another re-enactment, with a twist).
- Federal Reserve Reform
- Define existing Fed Reserve inflation mandate to include annual target of -2 1/2% to +2 1/2% per year.
- Define existing third Fed mandate as: long-term interest rates (10 years or longer) on U.S. Treasuries to be at least 4%; if the Fed possesses long-term Treasuries, must sell in an orderly fashion until the rate is over 4% or the Fed no longer possesses any Treasuries.
- Eliminate Fed ability to pay interest on excess reserves.
- Eliminate Fed ability to establish swap lines with foreign central banks.
- Index capital gains to inflation & tax at ordinary rates.
4. Employment -- Increase Individual Dignity
- Eliminate the marriage penalty.
- Comp time for salaried employees over 40 hrs./week, payable in cash if not used by the end of the year, based on 40-hour work week.
- Make voluntary union dues tax deductible.
5. Retirement Plans -- Increase Availability, Simplicity and Individual Flexibility
- Simplified Employee Pension plans, available under existing law, up to 10% of an employee’s compensation, should be the only tax-deductible business pensions.
- Individual IRA contribution (ordinary or Roth, it’s up to the individual) should also be available for all workers, up to 10% of the worker’s compensation/profits.
6. Higher Education -- Increase Availability without Excessive Student Debt
- Provide direct student loans for any trade school, college or graduate student with passing grades & full attendance, up to $20,000/year, with interest rate of 0%.
- Provide direct debt restructuring, with 20-year amortization at 0% interest, for existing student debt.
7. National Debt-- Bend the Curve, Encourage Self-Restraint & Reduce Over Time
- Reduce military expenditures by bringing ground forces and air forces home.
- Eliminate foreign aid unless prior year’s national deficit is less than $100b.
- Reduce the national debt by linking gasoline, coal, and jet-fuel taxes to the amount of national debt.
- Make tax brackets contingent on prior year’s national deficit.
- Reduce the national deficit by eliminating special-interest exemptions, phasing out over time where necessary.
- See 3(d) above.
