I am not a professional politician. I am running as a matter of conscience, and not ambition. Just like when you see someone drowning, and you are a certified water safety instructor, you offer to help, and just like if you are a doctor and you see someone bleeding, you offer to help. I see the American economy crumbling, and I know my specialized knowledge and experience make me uniquely qualified to fix it, and so I’m offering to help.
I support the traditional ideal that the American economy works best when people working for a living take home enough pay to buy the goods and services they produce, resulting in businesses competing for those consumer dollars and increased sales funding the millions of jobs we desperately need.
Unfortunately, this is currently not happening because the Federal government is taking too many dollars out of our paychecks. My plan—the Mosler Economic Restoration Plan—will solve this crisis.
The Mosler Economic Restoration Plan has three core proposals:
[1] Declare an Immediate ‘Payroll Tax Holiday’ — The U.S. Treasury will no longer deduct FICA, Medicare and other Federal payroll tax deductions from your paychecks, resulting in an immediate increase in take-home pay of roughly $650 per month for a couple with a combined income of $100,000 per year. That’s big money, and the extra cash will help you pay your mortgage and car payments, which helps the banks the right way, from the bottom up, and not through the top down bailouts of the recent past.
[2] Give U.S. States Revenue Share Money Based on Population — Provide each State government with an immediate, unrestricted $500 per capita of revenue to spend where they decide they need it most. This will amount to approximately $1.75 billion for Connecticut to help fill the holes created by the recession.
[3] Fund an $8/Hour National Service Job for Anyone Willing and Able to Work — This will provide transitional employment for the unemployed, preparing them to find new private-sector employment as businesses look to add millions of new jobs to meet the demand coming from a rise in spending due to the increased take-home pay from my first proposal.
Additionally, I have taken the pledge never to cut Social Security benefits or eligibility requirements, and fully support measures to ensure our seniors are supported in a manner that makes us proud to be Americans.
The Truth about Federal Spending
I know what you are thinking: ‘What about the lost Federal revenues?’ ‘Won’t that mean cutbacks somewhere else?’ ‘Won’t we have to borrow more from China for our children to pay back?’
This is why I’m running. I have the right answer to these questions, which is what sets me apart from the field and uniquely qualifies me to support my proposals.
I know how the payment system works. I grew up on the money desk at Banker’s Trust on Wall Street in the 1970′s, ran my own investment funds and securities dealer for 15 years, currently own a small Florida bank, and visit the Fed (Federal Reserve Bank) regularly to discuss monetary policy and operations.
I know for a fact, as do all Federal reserve ‘insiders’ as well as economists who understand monetary operations, that the role of taxes for the Federal government, unlike State and local government, is to regulate the economy—not to raise revenue.
It is an indisputable fact that when the Federal government taxes, it doesn’t actually get anything; it just changes numbers down in our bank accounts. And when the Federal government spends, it just changes numbers up in our banks accounts and doesn’t ‘use up’ anything. This may sound like a wild notion, but it was confirmed by Federal Reserve Chairman Ben Bernanke under oath as recently as May of 2009 in a public interview. When the Chairman was asked where the dollars came from that he was spending, he replied that the Federal Reserve just uses its computer to mark up numbers in bank accounts.
As a result, there is no such thing as the Federal government running out of money, and Social Security and Medicare cannot go bankrupt. Because the Federal government always makes any payment when it’s due by simply marking up numbers in our bank accounts, just like Chairman Bernanke described.
Because of this widespread misconception, the politicians in D.C. cannot comprehend the true meaning of taxes. That is why they take too much out of the paychecks of working Americans. That is why so many people are finding it more and more difficult to pay their mortgage or simply buy groceries. Our leaders don’t understand that Federal taxes are like the thermostat. When the economy is too hot, inflation too high, unemployment too low (something I’ve never seen in my 40 years of watching the U.S. economy) a tax increase might be a consideration. Not to raise revenue, but to cool down an economy running ‘too good.’ And when the economy is ice cold, like it is now, a major tax cut is in order to bring it back up to operating temperature. Like the ones I’ve proposed.
More of the Same from the Other Candidates
Like D.C. politicians, the other candidates vying for Connecticut’s Senate seat fail to understand the difference between the function of Federal taxation and State and local government taxation.
This explains why, in their televised debate, both candidates proposed tax increases which would only make matters worse. In fairness, they do offer some minor tax relief, but only for businesses. This is a traditional Republican, trickle down approach, where business tax cuts increase business profits so the owners hire more domestic help at low wages because of the high unemployment. And this is the same trickle down approach we’ve watched for the last two years with trillions of dollars allocated to fund banks, insurance companies and car companies followed by millions of lost jobs.
My plan is both very different and highly effective. By increasing the take-home pay of you and your neighbors, you have the ability to make your payments and do your shopping with the money you rightly earned by working at your job. That’s called fixing the economy the Democratic way, from the bottom up, so you get to support the economy with your spending.
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"One of the brightest minds in finance." - CNBC (6/11/2010)
"I am uniquely qualified to fix the U.S. economy and restore the American dream of life, liberty and the pursuit of happiness. We are grossly overtaxed. We need a full payroll tax holiday NOW to stop the bleeding and fix the economy the right way—from the bottom up. The only thing standing in the way of our economic prosperity is a lack of understanding of our monetary system and elected officials who promote the right kind of change. I will not let you down!" —Warren Mosler
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