Posted on January 20, 2015
After America’s 2014 midterm elections saw the lowest voter turnout since the end of World War II, perhaps a new political party – the Tax Wall Street Party – will offer Americans a much stronger incentive for heading to the polls.
(Cross-posted from/for more information visit: http://taxwallstreetparty.org)
A New Party Is Born
The two-party system has become an intolerable straitjacket on the hopes and dreams of the American people. More than ever, we need a viable alternative to a future of budget cuts, unemployment, despair and war.
Who Will Pay for the Depression? Working People or Wall Street
We have been told that our nation is approaching a “fiscal cliff” – that the profligacy of the American people is to blame for our national debt, and that we have no choice but to cut away the fabric of the New Deal. Meanwhile, the Federal Reserve continues to buy Wall Street’s toxic derivatives – the cause of the 2007 financial crisis – at the rate of $85 billion a month.
This is not just hypocricy, it is the essence of fascism.
Since we are in an economic depression, the main political question is, Who Will Pay for This Depression? The Wall Street parasites demand that the cost of the depression they have created be shifted to working people. The Tax Wall Street Party demands instead that Wall Street pay the cost of the depression it has created.
The Void in Anti-Establishment Politics in America
Occupy Wall Street and the related mass strike upsurge of 2011 showed that the New Deal is still alive in the hearts of the American people. But this moment was sabotaged by so-called leaders of these movements who were unwilling to make concrete demands for economic reform.
While glimmers of hope remain within the Democratic party, the Wall Street-owned party leadership is in lockstep with the decrepit Republican party in its quest for more free trade, austerity, deregulation and war.
Independent voters can only register their distaste by choosing between utopian radicals on the left and right, neither side capable of ever appealing to the vast majority of working American families.
The Tax Wall Street Party will offer American voters what they sorely need – a concrete program of economic reform, based on the proven traditions of Lincoln’s American System, FDR’s New Deal, and JFK’s New Frontier.
1. Tax Wall Street
The fiscal problems of the United States are largely due to the fact that Wall Street pays no taxes. While working families pay 7% or more in sales tax for the necessities of life, Wall Street speculators pay nothing on their share of a yearly turnover of over $5 quadrillion (5,000 trillion dollars) in stocks, bonds and derivatives. A 1% tax on this turnover, equally divided between the federal and state governments, largely solves the budget deficit at all levels of government, negating the so-called fiscal cliff and allowing for the full restoration of social services, public payrolls and pensions, and other needs.
2. Nationalize the Federal Reserve
We propose to seize the functions of the Federal Reserve System and use it as a national bank to finance the long-term needs of the American people. Federal lending allows us to make massive long-term commitments – such as the $3.6 trillion we need to repair our decaying public infrastructure – at modest short-term costs. For states and businesses, the cost of capital can be radically lowered, and a competitive advantage of the United States in world markets can be secured. The overriding goal is the creation of 30+ million new jobs in production, with high capital investment, high energy intensity, high value added, and high technology.
3. Economic Protections
Economic justice can not be secured in a “free market” where Wall Street speculators are allowed to run the real economy like a casino. We need to rebuild manufacturing and family farms by restoring the basic protections of the New Deal – including a tariff (tax) on imported goods, a fair (parity) price for farms, and re-regulation of the financial sector.
4. Economic Rights
If we want the best economy in the world, we need the best-educated, healthiest, most secure workforce in the world. We will finish what FDR started by providing access to affordable, high-quality healthcare, education, housing and retirement for all Americans.
Fight With Us for The Next New Deal
The great transformations in American economic and political life – typified by the reforms of Hamilton, Lincoln, FDR and JFK – happened when an upsurge in mass political action was fueled by an effective economic program. The Tax Wall Street Party offers the only program that can lift America out of depression and into a new era of peace, prosperity and development. Will you fight with us?