Wanted: One Billionaire Who Will Actively Support A Government of the People, by the People, and for the People!

Social IssuesCulture

  • Author Rick Osbourne
  • Published February 9, 2021
  • Word count 2,102

I’m part of a small group of people who wants to form a new political party here in the United States. It will be called the Economic Democracy Party and it will be based on the recognition that a POLITICAL DEMOCRACY IS IMPOSSIBLE when so much wealth and power is so concentrated in the hands of so few at the expense of so many. The EDP supports a free-market strategy that systematically counters the tendency for wealth to accumulate in the hands of a few.

We recognize that both major political parties are currently owned and controlled by big money interests. But we also recognize that in 2021 getting our message out on the street and fully understood by John Q. Public is an expensive proposition. That’s why our group is in the market for one billionaire WHO HONESTLY BELIEVES IN equal opportunity for all, a level playing field, democracy, a government of the people, by the people, and for the people, and who is willing to stand up to his contemporaries and bankroll this new political party.

So, what would our billionaire get in return for their support? First and foremost, they’ll get a system that gradually levels the economic playing field, NOT BY TAXING THE WEALTHY, but by giving every single man, woman, and child in the USA (regardless of race, gender, religion, age, or political persuasion) EQUAL ACCESS the ownership side of the American economy where most of the new wealth/value is being generated.

In the process of systematically leveling the playing field, or democratizing America’s free market economy, our billionaire will also support…

• Creating NO long-term government debt

• Creating NO long-term consumer debt

• Creating tens of millions of NEW TAXPAYERS while…

• Diluting and LOWERING TAX RATES for Americans who still pay taxes

• Creating a realistic possibility of PAYING OFF OUR NATIONAL DEBT

• ELIMINATING POVERTY AND RELATED PROBLEMS

• INCLUDING STRUCTURAL RACISM AND

• FAMILY INSTABILITY WITHIN A DECADE while…

• Dramatically reducing, if not eliminating the need for all social safety net programs

• Creating a degree of economic freedom never before known in this “land of the free and home of the brave.”

So how does Economic Democracy work?

Let’s have a quick look at some specifics. Consider the following FACTS. On average, the American economy grows at the rate of $4,000,000,000,000 (yes that’s 4 trillion dollars) annually. That translates into about $12,000 for every man, woman, and child in America. But the beneficiaries of this annual growth are currently limited to those people who can afford to buy the stocks, bonds, real estate, and technological developments that account for this growth.

More specifically we’re talking about less than 10% of Americans who have the means to take advantage of this relatively predictable growth, and 90% who lack the opportunity to participate. Thus, we now have a 21st century wealth gap that is wider and more toxic than any time since the stock market crash of 1929 and the Great Depression which followed in its wake.

To make matters worse, this was the case long before the current pandemic oriented economic crisis raised its ugly head. In response to millions of workers losing their incomes and healthcare due to the virus, the Federal government has increased unemployment benefits for several months, and issued so called “stimulus checks ($1,200)” to millions of people in an effort to artificially jump-start demand and to prevent the ship of state from sinking into oblivion.

Unpalatable But Necessary Steps

In taking these unpalatable but necessary steps the government has significantly increased the already massive debt load, which means it’s a short-term not a long-term solution. The hope of course is to artificially resuscitate demand, which in turn should recreate jobs and get we the people back to work and lead us all back to where we were before the virus struck.

The problem is that, even before the virus struck, we the people were not in a very good place. Even before the virus erupted over half of all Americans were living paycheck to paycheck, unable to afford a $500 bump in the road without having to borrow money in order to pay for it. Things are dramatically worse than they were several months ago before the virus. But the place we were is still not the place to which we the people are longing to return. So, what can we do?

The $4 Trillion Dollar Idea That Creates No Debt!

Now let’s recall that on average, the American economy grows at the rate of $4 trillion dollars annually. Once again, that translates into about $12,000 annually for every man, woman, and child in America. But the beneficiaries of this annual growth are those who can afford to buy stocks, bonds real estate, and new technology. This generally excludes we the people.

The question I want to raise now is, how can we make sure the average American has systematic access to the ownership side of the economy, where MOST OF THE NEW WEALTH IS BEING GENERATED? How can the average Joe gain access to that $4 trillion dollars of predictable growth in order to generate a second stream of investment income, while eliminating the fear and instability that so many Americans suffer from in today’s incredibly imbalanced economy?

Consider the Following Possibility…

• What if the Federal Reserve, through local banks

• issued $12,000 of FULLY INSURED CAPITAL CREDIT LOANS

• to every single American citizen (man, woman, and child regardless of race, gender, religion, sexual orientation, or economic status) annually

• at 0% interest, and…

• allowed the loan to be repaid via FUTURE, PRE TAX EARNINGS/DIVIDENDS – NOT FROM PERSONALSAVINGS

• along with a stipulation that these funds could only be used to purchase shares of new and transferred capital assets that were predicted to generate enough future profits to pay for their purchase and to create predictable, stabilizing, residual incomes for their owners?

This strategy, known as “Economic Democracy,” would cost American taxpayers NOTHING because all loans are instantly collateralized (by private sector assets instead of government debt), self-liquidating, and insured. It creates NO GOVERNMENT DEBT and/or NO CONSUMER DEBT because all loans are systematically paid off!

And it WOULD NOT BE INFLATIONARY. All money created would be instantly backed (collateralized/secured) by the full value of private sector assets that citizens would receive insured loans in order to purchase. In other words, it would not dilute or devalue existing currency by introducing newly printed, unsecured, debt backed dollars into the system. Citizens would actually be purchasing newly issued, full dividend payout, voting shares of companies that need new capital assets in order to grow.

What Economic Democracy Will Do However Is…

• Give every American systematic access to the ownership side of the American economy, where most of our nations’ new wealth is being generated.

• Create a residual stream of income for all Americans thru ownership - not labor

• END AMERICAN POVERTY AND HEAL THE RACIAL DIVIDE

• Stabilize family life,

• Minimize the mental illness known as GREED that so poisons American culture

• In the long run it will help to democratize the free market,

• Create millions of new taxpayers, thereby DILUTING and REDUCING the TAX BURDEN on those who actually pay taxes

• Minimize the growing threat of artificial intelligence in Americas’ job market

• Balance the national budget,

• And pay off our massive and ever-growing national debt, etc.

So For Example...

Here’s one simple example of how Economic Democracy would benefit the next generation of Americans. If implemented, by age10 every child would have had $120,000 (10 times $12,000) invested on their behalf and paying dividends. By age 18 well over $200,000 would have been invested and be generating dividends that would easily pay for a debt-free college education and all the benefits that follow in its wake. And in retirement nobody would have to depend on Social Security, Medicare, or Medicaid, because retirees would have plenty of income to live on!

In this moment of political division and strife Economic Democracy literally pays all Americans to pull together, at the same time, in the same direction, towards the same goals! It translates mere political talk (such as…we’re all in this together) into real live, results driven action!

Yet This Free Market, Trickle-Up, Non-Socialistic Solution is Being Totally Ignored!!!

If the Obama or Trump administrations (or any of their predecessors) had implemented Economic Democracy, today’s COVID 19/Unemployment crisis would not be a crisis. We the people could afford stay at home and still have sufficient income to weather a much less severe storm. The Biden/Harris administration has a golden opportunity to make history. Let’s see if they’re up to the challenge?

Economic Democracy In Detail

I confess, this commentary has been a generalized portrait in dire need of more detail. So, for a full and detailed explanation of how this strategy could be implemented, go to CESJ.ORG and check out the concept that Dr. Norman Kurland calls the ECONOMIC DEMOCRACY ACT. It’s an ingenious idea whose time is long overdue.

In the meantime, any billionaires in the readership who might be interested in exploring the possibilities inherent in supporting the Economic Democracy Party please contact Dr. Norm Kurland at your earliest convenience.

Frequently Asked Questions:

  1. Where does all the money come from? The money comes from NEW WEALTH/ VALUE created annually (on average) by the American economy. It’s destined to happen! Someone will have access to all this predictable, newly created wealth. The EDP suggests that the many, (as in we the people) should have access (i.e. the means) to participate in the ownership side of the economy - NOT of just the few.

  2. How is Economic Democracy/ED different from Universal Basic Income/UBI? For starters, UBI is consumer oriented and it remains relatively constant in size over time. ED is investment oriented, which means it accumulates and grows over time. UBI is backed by increased government debt. ED is backed by insured, wealth producing capital assets that collateralize every transaction. By doing so ED creates no long-term debt.

  3. Is Economic Democracy similar to an Employee Stock Ownership Plan/ESOP? Yes. But instead of covering just those who work for employee-owned companies and who have access to an ESOP, Economic Democracy uses the same strategy to cover everyone (regardless of age, gender, race, religion) most of whom lack the required means to participate in the (predictably profitable) ownership side of the American economy.

  4. How does Economic Democracy reduce wage slavery in the US? By giving everyone (as opposed to a few) legitimate access to the ownership side of the US economy (where almost all then new wealth is generated) and creating residual incomes for everyone in the process, Economic Democracy reduces the need for anyone to sell their most productive hours of the day (week, month, year, life) to an employer in exchange for a pay check with which to pay their bills.

  5. Who will pick up the garbage, harvest the produce, wait the tables, and flip the hamburgers? Who will do the dirty work if everyone has a steady residual income to depend on? Good question. Since robots are quickly replacing repeatable/mechanical jobs across the nation, the bloody robots should be able to answer that question for us.

  6. Why would the mainstream media fail to inform “we the people” about such a revolutionary economic strategy? Quite simply, the entire mainstream media (including CNN and MSNBC) is owned and controlled by the one percent. And the one percent prefers to keep “we the people” under control and in the dark about revolutionary ideas that threaten to undermine their concentrated wealthy/power. We’re allowed to see and hear what media owners allow us to see and hear. In other words, America’s mainstream media delivers little more than profitable propaganda that, in the long run, supports concentrated wealth/power.

  7. Why doesn’t academia introduce this strategy to all their future economists? To be honest, most economists have never been introduced to Economic Democracy. They can’t teach what they don’t know. But in the 21st century, academia is largely dependent on corporate funding (i.e. the one percent) for their existence. So even if they are familiar with Economic Democracy, academicians can ill afford to introduce this revolutionary strategy to future economists without risking their own employment in the process. Bureaucrats (conventionalists) hardly ever rock the boat.

  8. What does Copernicus have to do with economics? Nothing. But he caused a seismic shift in the way people thought about the shape (flat vs spherical) of Planet Earth. If implemented, Economic Democracy will cause a similar seismic shift in the way people think about economics.

Rick Osbourne is a former public school teacher who has spent the past 20 years of his life writing for a living. His primary interests include politics (he's an independent), psychology (in particular Dr. Erich Fromm), economics (a Center for Economic and Social Justice/CESJ.ORG board member), and childhood obesity prevention (www.pullyourownweight.org). He's married and resides in Naperville, IL with his wife of almost 48 years, Pamela. He can be reached via email at osbourne.rick@gmail.com

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