As if the stakes could be any higher, the International Monetary Fund’s recent warning that the United States could cede its world economic leadership to China, adds urgency to the race to reduce the deficit. I’ll be the first to admit that I believe the IMF’s assessment is fundamentally flawed, in that it bases its assessment on purchasing power parity (PPP) as opposed to traditional gross domestic product (GDP) methods in making this prediction. Nevertheless, it illustrates that the America Dollar is losing its status as the international reserve currency, in no small part due to our out of control deficits in Washington. We must take immediate steps to reduce the deficit and grow our economy.
This begins, in my humble opinion, with slashing corporate and capital gains taxes, reforming the broader tax code and ending our game of economic appeasement of China. To accomplish these objectives, I’d add my wholehearted endorsement to the Fair Tax movement (FairTax.org) to eliminate a burdensome, unfair and politically motivated tax code. Additionally, I’d add my endorsements to the debt reduction plans of Congressman Paul Ryan of Wisconsin and the One Cent Solution proposed by Bruce Cooke of Atlanta, GA (onecentsolution.org). You may listen to Bruce on my program by going to “radio archives” on joshkimbrell.com and selecting the April 26th, 2011 file. Finally, we must take serious steps to stop the economic exploitation being perpetrated on America by China. Currency manipulations and unfair trade policies are allowing the Chinese to grow their economy on the backs of American workers and the American Economy. Fair trade, I’m for. Unfair trade that benefits only China isn’t the kind of trade we ought to pursue.
I firmly believe that, despite these challenges, America can recover. It is time for American Nehemiahs to rise-up and rebuild. We must do so with a firm commitment to the faith of our fathers, based on Judeo-Christian Values. The Scriptures warn us that “unless the LORD build a house, they labor in vain that build it.” With God’s help, and a rugged determination to live out our Nation’s calling and destiny, we will remain the brightest, shiniest city on the hill, ablaze with the bright flame of freedom.