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Questions and Answers
What is the primary consequence of the growing gap between the 'haves' and the 'have-nots'?
What is essential for every person to survive and thrive?
What is the primary benefit of having a share of ownership in growing businesses?
What was the primary purpose of the Homestead Act of 1862?
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What is the need of the 21st century?
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What is the result of working people competing with lower-wage workers and labor-displacing technologies?
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What is the primary benefit of spreading economic power through capital ownership?
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What is essential for a thriving economy?
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What was the result of the Homestead Act of 1862?
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What is the primary threat to human survival?
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What is the primary goal of the Economic Democracy Act?
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How would companies issue new shares under the Economic Democracy Act?
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What would be the primary source of funding for the Economic Democracy Act?
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What would be the role of private sector capital credit insurance and reinsurance?
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What would be the purpose of the personal tax-sheltered capital ownership accounts?
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What would be the result of creating money and credit through the Economic Democracy Act?
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How would the Economic Democracy Act impact government deficits?
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What would be the characteristic of the tax system introduced under the Economic Democracy Act?
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What would be the primary benefit of the Economic Democracy Act to citizens?
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How would the Economic Democracy Act promote entrepreneurship and innovation?
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Study Notes
Growing Poverty, Racism, and Violence
- The gap between the few "haves" and the many "have-nots" is growing wider, threatening the prosperity and freedom of future generations and the health of people and the planet.
Threats to Human Survival
- The rising threat of nuclear war and natural disasters fueled by climate change are moving the Doomsday Clock closer to midnight.
Essential Needs for Survival and Thriving
- Every person needs freedom, opportunity, power, and justice to survive and thrive as a citizen of a community, nation, and the world.
- A thriving economy producing goods and services, and incomes from good jobs and growing businesses are essential.
- However, working people must compete with lower-wage workers and labor-displacing technologies like artificial intelligence and robots.
Importance of Capital Ownership
- Having a share of ownership in growing businesses that use productive capital is essential for economic security.
- Capital earns profits for its owners, providing an independent source of personal income beyond wages alone.
- Spreading economic power through capital ownership extends real political power to citizens.
The Homestead Act of 1862
- President Abraham Lincoln's Homestead Act provided a free and equal opportunity for non-owners to become owners of 160 acres in the western land frontier.
- The Act helped develop America's land frontier, created many new citizen owners, and turned America into the world's most productive agricultural economy.
Need for a 21st-Century Version of the Homestead Act
- Today, we need a more just and equal ownership opportunities to develop the future technology frontier.
- We need to make accessible to every person equal ownership opportunities and the means of acquiring capital over our entire lifetime.
The Economic Democracy Act
- A voluntary economic program that would offer America or any nation that adopts it a more sustainable, free market-oriented, and just way to finance new capital being added and existing capital transferred in the economy.
- The Act would stimulate more real jobs, encourage entrepreneurship and innovation, and spread prosperity and economic power.
How the Economic Democracy Act Works
- The Act would reform monetary, tax, and inheritance systems to promote equal future ownership opportunities.
- 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 receive a personal allotment of insured interest-free capital credit to purchase those new shares.
Financing the Economic Democracy Act
- The 12 regional Federal Reserve banks would use their existing powers to create new money to finance agriculture, industrial, and commercial growth.
- Private sector capital credit insurance and reinsurance would cover the risk of bad loans.
Personal Tax Sheltered Capital Ownership Accounts
- Every citizen would have a tax-sheltered capital ownership account guided by their local bank or certified financial advisor.
- Citizens would use their allotment of interest-free credit to invest in qualified shares.
Benefits of the Economic Democracy Act
- Creating money and credit this way would not be inflationary or deflationary.
- Government deficits would be reduced as growing citizen incomes from ownership would gradually reduce the need for welfare and other income support programs.
- A just tax system would be introduced, with a more fair and simple single-rate personal income tax.
Growing Poverty, Racism, and Violence
- The gap between the wealthy few and the many poor is increasing, threatening future prosperity and freedom.
Threats to Human Survival
- The Doomsday Clock is approaching midnight due to the rising threat of nuclear war and climate change-induced natural disasters.
Essential Needs for Survival and Thriving
- To survive and thrive, individuals need freedom, opportunity, power, and justice.
- A thriving economy with good jobs and growing businesses is essential for survival.
- However, workers face competition from low-wage workers and labor-displacing technologies like AI and robots.
Importance of Capital Ownership
- Having a share of ownership in growing businesses provides economic security.
- Capital earns profits, providing an independent source of personal income beyond wages.
- Spreading economic power through capital ownership extends real political power to citizens.
The Homestead Act of 1862
- The Homestead Act provided a free and equal opportunity for non-owners to become owners of 160 acres in the western land frontier.
- The Act helped develop America's land frontier, created many new citizen owners, and turned America into the world's most productive agricultural economy.
Need for a 21st-Century Version of the Homestead Act
- A modern version of the Homestead Act is needed to provide equal ownership opportunities in the technology frontier.
- Every person should have access to equal ownership opportunities and the means of acquiring capital throughout their lifetime.
The Economic Democracy Act
- The Economic Democracy Act is a voluntary economic program that offers a more sustainable, free market-oriented, and just way to finance new capital.
- The Act would stimulate jobs, encourage entrepreneurship, and spread prosperity and economic power.
How the Economic Democracy Act Works
- The Act would reform monetary, tax, and inheritance systems to promote equal future ownership opportunities.
- 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 to purchase new shares.
Financing the Economic Democracy Act
- The 12 regional Federal Reserve banks would use their existing powers to create new money to finance growth.
- Private sector capital credit insurance and reinsurance would cover the risk of bad loans.
Personal Tax Sheltered Capital Ownership Accounts
- Every citizen would have a tax-sheltered capital ownership account guided by their local bank or certified financial advisor.
- Citizens would use their allotment of interest-free credit to invest in qualified shares.
Benefits of the Economic Democracy Act
- Creating money and credit this way would not be inflationary or deflationary.
- Government deficits would be reduced as growing citizen incomes from ownership would gradually reduce the need for welfare programs.
- A just tax system would be introduced, with a more fair and simple single-rate personal income tax.
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Description
This quiz explores the threats to human survival, including growing poverty, racism, and violence, as well as the essential needs for survival and thriving, such as freedom, opportunity, power, and justice.
