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A Copernican Revolution in American Economics!
4 trillion dollars! On average, that’s how much the US economy grows annually. That’s, on average, how much new value the US economy creates each year. 330 MILLION! That’s the approximate population of the US in 2021. So if you divide $4 trillion by 330 million people, you’ll find that, on average, the US economy is growing at a rate of $12,000 per person, per year.
With those numbers in mind, let’s explore what would happen if the Federal Reserve, through local banks, issued $12,000 in CAPITAL LOAN at ZERO PERCENT INTEREST to every man, woman and child in the US, ANNUALLY? My question at this point is has the money been spent? The answer is NO MONEY SPENT! All that has happened is that $4 trillion of credit capital has been issued, all of which is just WAITING TO BE SPENT.
Note that CAPITAL LOAN is different from CONSUMER LOAN because it can only be used to purchase wealth-creating capital assets (stocks, bonds, land, buildings, machinery, patents, copyrights) that are expected to bring regular, predictable returns to their owners. dividends.
Now all of a sudden, one person decides to use their home equity loan to buy $12,000 worth of blue chip stocks. $12,000 HAS BEEN SPENT at this time. But it is CURRENTLY secured (secured so neither the local bank nor the Fed is at risk) by the value of solid blue chip stocks bought at zero percent interest.
To speed up the ownership process, the new owner is also allowed to pay off this equity loan using the PRE-TAX DOLLARS that their stock yields. In other words, the new loan is automatically provided. The owner does not dig into his savings account. They do not place a second mortgage on the family home. They repay the loan using FUTURE EARNINGS/dividends PRE-TAX. In investment circles, this strategy is called a “leveraged buyout.”
On average, the loan will pay itself off (self-liquidating) in 3 to 7 years. But the dividends continue to flow, creating RESIDUAL INCOME for their owner. Multiply this scenario by 10 years and you’ll find that $120,000 is invested on the owner’s behalf by his 10th birthday. By the time they get to college, more than $200,000 will be invested on their behalf, providing them with all the residual income they will need to attend college without incurring any college debt. And in retirement, the owner will not need social security.
To reiterate, not a single penny is spent UNTIL the purchase is completed. Once this happens, the loan is instantly secured by the value of the wealth-producing asset purchased. Then the self-liquidating loan is repaid with pre-tax dollars over a predictable period of time, so that neither the individual nor the government incurs long-term debt. And to make things even safer, a small percentage of the purchase price is used to INSURE the entire transaction, just in case the solid blue chip stocks don’t perform as expected and pay for themselves.
Golden opportunity for Biden/Harris…
Now if you multiply this scenario by 330 million people a year, you will see how a new Biden/Harris administration could pull our economy out of the WORST ECONOMIC CRISIS America has experienced since the stock market crash of 1929. In the process they would create no national debt, no individual rainbow.
Within a decade and a half, this strategy, if implemented, would gradually eliminate poverty and a myriad of related problems, including STRUCTURAL RACISM. It would also systematically democratize the free market economy, create millions of NEW TAXPAYERS that would reduce the tax burden on current tax-paying Americans, allow social safety net programs to fade into the sunset, balance the budget, and perhaps even pay off the national debt.
16 Frequently Asked Questions
1. Where is the $4 trillion coming from? It comes from NEW WEALTH/VALUE (from the naturally growing US economy) created (on average) per year. It’s destined to happen! Someone will have access to and benefit from this predictable, newly created wealth. The EDA suggests that the many (like us humans) should have access to the funds needed to participate in the ownership side of the economy – NOT just the few.
2. Will the EDA not be inflationary? No, it won’t. Note that this strategy does not add a dime to the projected annual growth of the US economy. It will happen anyway. Thus, EDA does not dilute or devalue existing currency levels. The only question is who can participate and benefit? Will it be us the people (many)? Or just 1% (a few)?
3. Isn’t EDA socialist? No it’s not. Capitalism is all about PRIVATE OWNERSHIP. Socialism is all about PUBLIC OWNERSHIP. In this light, EDA deals with private property. But it systematically opposes concentrated wealth/power. It also democratizes our free market economy. In that process, it CONFIRMS POLITICAL DEMOCRACY.
4. Won’t the EDA increase my taxes? No, it won’t! What it will do is create tens of millions of NEW TAXPAYERS who in turn will help current taxpayers bear the tax burden. This will actually REDUCE taxes for most people who currently pay taxes. It even offers the potential to pay off the national debt.
5. Let me do the math. A family of four would receive $48,000 (4 X $1,200) in home equity per year. And a family of 10 would get $120,000 (10 X $12,000) of home equity per year. Is not it? So isn’t the Economic Democracy Act effectively paying a couple to have lots of kids so they can get lots of money? The short answer is that since the line of credit is non-transferable, parents have no access to it and no direct benefit from it. But more importantly, research shows that as income increases, the frequency of births decreases. Therefore, in both aspects, EDA will not encourage the hyperproduction of children.
6. How does economic democracy differ from universal basic income? UBI is simple and relatively straightforward. That’s his strength. It is consumer oriented and remains relatively constant in size over time. It is also secured/collateralized by increased national debt. UBI is therefore a SHORT TERM FIX and creates DEPENDENCE on the government. In contrast, EDA is more complicated and takes some time (5 to 7 years) before residual income is actually generated. EDA is investment oriented, meaning it accumulates and grows over time. It is also backed by collateralized wealth-creating capital assets that collateralize/secure each transaction. In this way, it does NOT create long-term debt for either consumers or the government. Therefore, EDA is a LONG-TERM solution that must be gradually changed as it creates more people who are INDEPENDENT of the government.
7. Is economic democracy similar to an Employee Stock Ownership Plan/ESOP? Yes. But instead of covering only those who work for employee-owned companies and have access to an ESOP, Economic Democracy uses the same strategy to cover EVERYONE (regardless of age, gender, race, religion), most of whom lack the means to participate in the (predictably profitable) proprietary side of the US economy.
8. Has economic democracy been tested in a pilot project to see how it performs in real life? Yes and No. The basic mechanics of this strategy have been thoroughly tested in approximately 8,000 employee-owned companies that have been created over the past 50 years. As we said in the previous question, EDA is really just an extension of the ESOP strategy that aims to give all Americans an equal opportunity to participate and benefit from the ownership side of the American economy where all new wealth is created. However, it has yet to be formally tested in a national setting.
9. What percentage is used to calculate the average ROI and payout potential? Using very conservative estimates, we chose 15% as ROI PRE-TAX. Historically, prior to the recent wild swings and grossly inflated stock values today, ROI AFTER TAX ranged between 9 and 12%. The payback period is calculated by dividing one by the rate of return and rounding to the nearest whole number. So 1/.15 = 6.666 (round to 7 years).
10. How does economic democracy reduce wage slavery in the US? By giving everyone (as opposed to a few) legitimate access to the property side of the American economy (where almost all new wealth is generated) and creating residual income for everyone, economic democracy reduces the need for anyone to sell their most productive hours. days (week, month, year, life) to the employer in exchange for a check.
11. How will the EDA affect the crash/boom of the US economy? It effectively eliminates the imbalances responsible for the bust/boom dilemma.
12. Does the EDA appeal mainly to conservatives or liberals? To be honest, this is a strategy that appeals to BOTH SIDES of the isle. It appeals to the fiscally conservative Republican who wants to reign in spending and live within our means. It also appeals to the liberal democrat who wants a level playing field where everyone has equal opportunities. And since it systematically promotes independence from government (ie freedom), the only people who disapprove of the EDA are autocrats who want to control us the people.
13. Why wouldn’t the mainstream media inform “we the people” about such a revolutionary economic strategy? Quite simply, the entire mainstream media (including CNN and MSNBC) is owned and controlled by the one percent. And the one percent prefer to keep “we the people” in check and in the dark about revolutionary ideas that threaten to undermine their concentrated power/enrichment. We are allowed to see and hear what the media owners allow us to see and hear. In other words, the American mainstream media provides little more than profitable propaganda that, in the long run, supports concentrated wealth/power.
14. Why doesn’t academia introduce this strategy to all its future economists? To be honest, most economists are never familiar with economic democracy. They cannot learn what they do not know. But in the 21st century, academia is heavily dependent on corporate funding (ie the one percent) for its existence. Thus, even if they are familiar with economic democracy, academics cannot afford to introduce this revolutionary strategy to future economists without risking their jobs. Bureaucrats (conventionalists) rarely rock the boat.
15. Who is the main proposer of the Law on Economic Democracy? That would be the Center for Economic and Social Justice (CESJ.ORG), based in Arlington, VA.
16. What are the three big questions CESJ wants to ask about any legislation that passes through Congress? Who owns it? Who controls it? Who benefits? In the case of EDA, every single person in the US owns and controls wealth-creating assets and benefits from this strategy.
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