Congressman Alex Mooney in today’s Wall Street Journal:
On Thursday I introduced a bill that would return the dollar to the gold standard—the first such attempt since Jack Kemp’s Gold Standard Act of 1984. Under this legislation the Fed would still exist, but it would administer the money supply rather than dictate it. Instead the market would be in charge, the supply and demand for money would match up, and prices would be shaped by economics rather than the instincts of bureaucrats.
Like President Trump, I believe that success is again possible for Americans who go to work every day and build things. Mr. Trump’s vision of how the American economy could and should work resonated with voters in 2016. Returning to the gold standard is a way for the president to deliver on his promise of American working-class prosperity.
Dan Henninger writes in the Wall Street Journal today about Jack Kemp role in tax reform over the years.
Ronald Reagan is the patron saint of tax cuts, but Jack Kemp is the godfather.
☕ Adonis Hoffman writes about Jack Kemp, supply-spiders, and tax reform in this piece for The Hill:
The Economic Recovery and Tax Act of 1981 was the successful scion of Senator Bill Roth and Representative Jack Kemp. Kemp – Roth, as it became known, was the centerpiece of tax reform during the Reagan years, and served as a model for how the United States could deliver tax relief to both the business sector and the American people at the same time. It fostered an era of impressive economic growth and prosperity that many pine for today.
But that was long ago in a faraway galaxy. Today’s tax reform mandate, while no less compelling, is far more complicated.
– – – – –
Of course, Jack Kemp’s brand of statesmanship has been long since absent in the Capitol. He was one of the modern-day leaders who connected the principles of conservatism with caring for the little guy. Nowhere was that more manifest than tax policy, where Kemp went the extra mile to make sure the needs of small businesses were attended. It was a welcomed view among harder-line Reagan Republicans and supply-siders who, up to then, showed little concern for small and minority firms. It should be a welcome view for the businessman-in-chief, as well.
To be sure, the current tax reform debate is a work in process. Before it is over, there will be many fits, starts, twists and turns that will lead – we hope – to a comprehensive, bipartisan tax proposal. We do not know what form that will take, nor who will emerge as the tax reform leader.
Whatever happens along the way, one thing is for sure: if America is to be great again, tax reform must provide a special measure of relief for small and minority business. The future of the nation depends on it.
☕ Hilarious tweet by Dr. John Rutledge. Taxes ALWAYS matter.
Thank you to the Jack Kemp Foundation for this:
Also, The Supply-Side Revivalist shared this today.
The heart of Keynesianism is that the consumer drives economic activity via consumption and that an economy suffers when individuals “save too much”. However, this is just not so. One simply cannot consume before producing something to exchange first or obtaining the ability to consume from another (such as a family member, bank, or other financial intermediary). If you doubt me, quit your job and see how long you can live on your own after you have burned through your savings. Good luck with that.
Using his Forbes.com column this morning, Ralph Benko delivers a free education for us all:
Gold advocates and sympathizers from the deep past include Copernicus and Newton, George Washington, Alexander Hamilton, Thomas Jefferson, John Witherspoon, John Marshall and Tom Paine, among many other American founders; and, from the less distant past, such important thinkers as Carl Menger, Ludwig von Mises and Jacques Rueff, as well as revered political leaders such as Ronald Reagan and Jack Kemp.
– – – – –
The American, and world, economy continues to teeter. Monetary reform is receiving some freshly respectful looks both here and abroad. Chatham House, the Royal Institute of International Affairs, in London has convened a task force to “re-assess the advantages and weaknesses of the current fiat currency monetary system and explore the possibility of a new role for gold.” The Street’s Alix Steel observed last month, in “4 Ways a Gold Standard Can Work,” that “A gold standard isn’t for the gold bugs and crackpots. It’s a viable money system that could save countries with runaway spending.”
Prof. Roubini, the gold standard no longer can be viewed by the capable as a refuge for lunatics and hacks. Thoughtful policy analysts will do well to consider monetary reform options, very much including the gold standard, on the merits, rather than reflexively, and sooner rather than later.
Under the gold standard, the value of the dollar would be fixed to a certain amount of gold
NEW BRUNSWICK, N.J. (AP) — Republican Jeff Bell spent three decades in Washington working on policy and wrote a book promoting all aspects of social conservatism. But so far his campaign for the U.S. Senate has centered on just one issue: returning the United States to the gold standard.
“We are in a situation of stagnation,” Bell said earlier this month in a speech to a real estate conference in New Brunswick. “Why don’t they let market interest rates return to our economy?”
Like other supporters of the gold standard, Bell is an acolyte of Ronald Reagan and Jack Kemp, the late congressman, secretary of housing and urban development and vice presidential nominee who made the call for cutting taxes to stimulate the economy part of a national debate in the late 1970s. Bell, now 70, won the Republican nomination for a New Jersey U.S. Senate seat in 1978 largely by advocating the kind of Reagan-era tax cuts some credit with spurring the economy.