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LETTER TO THE EDITOR: Obama could grow economy now
Question of the Day
President Obama recently said, “If the economy is growing, everybody feels invested. Everybody feels as if we are rolling in the same direction.” Obviously, he’s aware that a strong economy is important for the well-being of all Americans. A strong economy can sustain a strong defense, and fund research and development and social programs, while concurrently supporting costs of protecting the environment.
Basic economics teaches that economic growth is spurred by increased productivity, achievable in part with cheaper energy. This is at hand if we choose to build the Keystone XL pipeline and open federal lands for environmentally responsible oil and natural-gas exploration. Next, an astute executive order could mandate three-fuel engines (natural gas, gasoline and gasohol) for all new federal vehicles (a boon for Detroit), and a growing liquefied natural-gas infrastructure (a construction boon) would soon make three-fuel trucks and passenger cars practicable, dramatically reducing carbon emissions (an environmental boon).
Next, we need to bring back the $1.7 trillion in American corporate profits residing overseas, with a carefully structured tax holiday requiring profits be reinvested domestically (and tax-free) in capital equipment, expansion, and research and development. Additionally, we must totally restructure or eliminate the 73,000-page tax code, which costs Americans $300 billion annually in record keeping and accounting costs. Doing so will defang the politically weaponized IRS.
Santa Rosa, Calif.
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