Just one more in our continuing series of letters to major newspapers that you won't read anywhere but here . . . unless you decide to paraphrase for submission to your local gazette.
In his column in yesterday's Washington Post ("Obama's Factory Factor," Washington Post, 08/21/08, A15), Harold Myerson asks the critical question as to whether the United States can regain its comparative advantage in industry — and whether Senator Obama has what it takes to turn this country around. The real question, however, is whether anyone (Obama or Senator McCain) has what it takes.
The fact is, neither candidate has advanced a sound economic plan. Both offer only a rehash of failed programs based on unsound economics. This is particularly ironic in that 2008 marks the fiftieth anniversary of the publication of Kelso and Adler's The Capitalist Manifesto. Kelso and Adler detailed a realistic framework for solving the economic problems that even in 1958 were beginning to put a heavy strain on the American economy. These flaws have only been growing worse in the past half century — but still soluble, if action is taken.
The two main problems cited by Myerson are the decline in investment and jobs in heavy industry, and the rise in the price of energy. With respect to the former, immediate adoption of Capital Homesteading would provide the foundation on which to rebuild our nation's industrial capacity, without reliance on foreign investment, manipulation of the tax code, or massive government deficits to burden future generations.
With respect to the latter, we need to implement an immediate "Manhattan Project" for alternate (and affordable) energy. There are technologies currently available that need only development to make them financially feasible, and America energy independent.
If Obama — or McCain — is truly concerned about opening up economic opportunity for workers and other Americans, he will take immediate steps to study such programs as Capital Homesteading for Every Citizen, from the book of the same title. Otherwise, we're only in for more of the same — regardless which candidate gets into office.
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