Podcast
Questions and Answers
What is currently threatening the prosperity and freedom of future generations?
What is currently threatening the prosperity and freedom of future generations?
What are the essential needs for citizens of a community, nation, and the world?
What are the essential needs for citizens of a community, nation, and the world?
What is required for a thriving economy?
What is required for a thriving economy?
What is the primary goal of spreading economic power and capital ownership?
What is the primary goal of spreading economic power and capital ownership?
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What did President Abraham Lincoln enact in 1862?
What did President Abraham Lincoln enact in 1862?
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What happened to General William Sherman's promise of 40 acres and a mule to freed slaves?
What happened to General William Sherman's promise of 40 acres and a mule to freed slaves?
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What is the main goal of the Economic Democracy Act?
What is the main goal of the Economic Democracy Act?
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How do citizens receive new shares under the Economic Democracy Act?
How do citizens receive new shares under the Economic Democracy Act?
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What is the role of the 12 regional Federal Reserve Banks in the Economic Democracy Act?
What is the role of the 12 regional Federal Reserve Banks in the Economic Democracy Act?
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What is the purpose of the single-rate personal income tax under the Economic Democracy Act?
What is the purpose of the single-rate personal income tax under the Economic Democracy Act?
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Study Notes
Current State of the World
- Poverty, racism, and violence are dividing people, widening the gap between the haves and have-nots
- The prosperity and freedom of future generations, as well as the health of people and the planet, are being threatened
- The Doomsday Clock is moving closer to midnight due to the rising threat of nuclear war and natural disasters fueled by climate change
Basic Human Needs
- Every person needs freedom, opportunity, power, and justice to survive and thrive
- These needs are essential for citizens of a community, nation, and the world
Economy and Ownership
- We need a thriving economy that produces goods and services, with incomes from good jobs and growing businesses
- Businesses need customers with money to buy goods and services
- Working people must compete with lower-wage workers and labor-displacing technologies like artificial intelligence and robots
- Jobs alone won't bring economic security; each person also needs a share of ownership in growing businesses
- Capital earns profits for its owners, providing an independent source of personal income
- Spreading economic power and Capital ownership extends real political power to citizens
Historical Context
- President Abraham Lincoln enacted the Homestead Act in 1862, providing a free and equal opportunity for non-owners to become owners of 160 acres of land in the western frontier
- General William Sherman's promise of 40 acres and a mule to freed slaves in 1865 was later reversed
- The Homestead Act created many new citizen owners, turning America into the world's most productive agricultural economy
- After Lincoln's assassination, his vision of widespread citizen ownership was abandoned as America moved into the Industrial Age
- The ownership of industrial and commercial wealth became concentrated in fewer hands due to industry and bank financing
The Economic Democracy Act
- A modern, just, and voluntary economic program is needed to develop the future technology frontier
- Every citizen needs equal ownership opportunities and the means of acquiring Capital over their lifetime
- The Economic Democracy Act would offer a more sustainable, free market-oriented, and just way to finance new Capital being added and existing Capital transferred
- The Act would stimulate real jobs, encourage entrepreneurship and innovation, and spread prosperity and economic power
How the Economic Democracy Act Works
- Companies would sell new growth shares or transfer existing shares that pay out full dividends and provide full voting rights to their owners
- Citizens would have the right to receive, at no cost, a personal allotment of insured, interest-free Capital Credit each year to purchase new shares
- The 12 regional Federal Reserve Banks would use their existing powers to create new money for Capital growth and transfers
- Risk would be covered by private sector Capital Credit Insurance and reinsurance
- Citizens would use their allotment of interest-free credit to invest in qualified shares, guided by their local bank or Certified Financial Advisor
Tax Reforms
- The Economic Democracy Act would introduce a more fair and simple single-rate personal income tax
- Every citizen would get a living income exemption of $30,000 per adult and $20,000 per dependent
- Businesses would be encouraged to finance their growth by selling new voting shares and deducting all dividends paid out to shareholders
- The Act would eliminate payroll taxes, corporate income taxes, and tax deductions, credits, and loopholes that mainly benefit the rich
- A single tax rate would be calculated to pay government costs, including Social Security and Medicare, maintaining a safety net, and gradually paying off the national debt.
Current State of the World
- Poverty, racism, and violence are dividing people, widening the gap between the haves and have-nots
- The health of people and the planet are being threatened by climate change and the rising threat of nuclear war
- The Doomsday Clock is moving closer to midnight due to these threats
Basic Human Needs
- Every person needs freedom, opportunity, power, and justice to survive and thrive
- These needs are essential for citizens of a community, nation, and the world
Economy and Ownership
- A thriving economy requires good jobs and growing businesses that produce goods and services
- Businesses need customers with money to buy goods and services
- Working people face competition from lower-wage workers and labor-displacing technologies
- Jobs alone don't provide economic security; each person needs a share of ownership in growing businesses
- Capital earns profits for its owners, providing an independent source of personal income
- Spreading economic power and Capital ownership extends real political power to citizens
Historical Context
- The Homestead Act of 1862 provided free land to non-owners, turning America into the world's most productive agricultural economy
- General William Sherman's promise of 40 acres and a mule to freed slaves was later reversed
- The ownership of industrial and commercial wealth became concentrated in fewer hands after the Industrial Age
- America abandoned Lincoln's vision of widespread citizen ownership
The Economic Democracy Act
- A modern, just, and voluntary economic program is needed to develop the future technology frontier
- Every citizen needs equal ownership opportunities and the means of acquiring Capital over their lifetime
- The Act would stimulate real jobs, encourage entrepreneurship and innovation, and spread prosperity and economic power
How the Economic Democracy Act Works
- Companies would sell new growth shares or transfer existing shares with full dividends and voting rights to owners
- Citizens would receive a personal allotment of insured, interest-free Capital Credit each year to purchase new shares
- The 12 regional Federal Reserve Banks would create new money for Capital growth and transfers
- Risk would be covered by private sector Capital Credit Insurance and reinsurance
- Citizens would invest in qualified shares using their allotment of interest-free credit, guided by their local bank or Certified Financial Advisor
Tax Reforms
- The Act would introduce a more fair and simple single-rate personal income tax
- Every citizen would get a living income exemption of $30,000 per adult and $20,000 per dependent
- Businesses would be encouraged to finance growth by selling new voting shares and deducting dividends paid out
- The Act would eliminate payroll taxes, corporate income taxes, and tax deductions, credits, and loopholes
- A single tax rate would be calculated to pay government costs, including Social Security and Medicare, maintaining a safety net, and gradually paying off the national debt
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Description
Explore the current state of the world, including poverty, racism, and violence, and learn about the basic human needs for survival and thriving.
