Action needed now to avert economic collapse

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To the editor:

“The Congress shall have power to lay and collect Taxes… To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.”  

 

Such obligations were specifically granted to our elected representatives within Article I, Section 8 of our U.S. Constitution by our prescient forefathers.

Here’s a dirty little secret. The latter obligation was ceded to our banking system in 1913 when Congress and President Woodrow Wilson legislated and signed the Federal Reserve Act.  More recently, mostly under the radar, almost all congressional Republicans and a few Democrats endorsed a pledge to unelected, anti-tax guru Grover Norquist not to raise taxes under any circumstances, in effect ceding their power to lay and collect taxes. Hmmm.

Now, a dysfunctional, obstructionist Congress refuses to pass any legislation, including jobs bills proposed by our White House, intended to extricate our nation from her economic doldrums.  Furthermore, a doomsday scenario, like the Sword of Damocles, will sever the tenuous lifeline of our fragile economy on Jan. 1 if a federal budget is not passed.  Draconian spending cuts and tax increases will automatically kick in, bleeding an already anemic money supply, creating a severe recession and perhaps a depression.

Due to this further abdication of Congress’s fiscal responsibilities, industrial leaders, in such a climate of uncertainty, refuse to expand, refuse to hire, in effect put operations on hold, further straining America’s sputtering economic engine. What to do?

President Obama should spend quality time while in campaign mode, let “We the People” know of these gross derelictions of duty by the Republican-controlled legislative branch of our government.  Primetime TV would be the most appropriate venue for his fireside chats reminiscent of FDR.  He must encourage ordinary folks to demand action, not obstruction of the political process. 

Obama should delineate a bold agenda, include a hefty job-creating stimulus package, encourage ordinary citizens to contact their congressional representatives, both Republican and Democrat, albeit on the campaign trail, demand they support the expansion of our less-than-adequate circulating money supply, hold their feet to the fire; and not let them abet the economic collapse of this wonderful nation by inaction.

Indeed, our forefathers did not intend fledgling America to yet again be controlled by a king, thus they created a separation of powers within the U.S. Constitution.  Surely, they did not anticipate that the legislative branch would devolve over time, cede its monetary responsibilities to bankers, and refuse to carry out its fiscal responsibilities in the best interests of America’s citizenry.

We can only hope a hastily organized grassroots effort will begin to fix what is broken.  It is up to our current president to urge such a response – not tomorrow, but now.   

Lawrence Uniglicht

Galloway


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