Interview with Buck Marshall, Author of SWIFT Act: Swift Action for Permanent Recovery
Topics of conversation:
- What is SWIFT Act
- His holistic view of the current economy in the US
- Society - Political - Economic Circle and Bipartisanism
- How the average Joe can help turn things around
- Importance of The Swift Act Petition in the Trump era
Buck Marshall taught political science for five years and received his doctorate from Tulane in 1992. After 20 years in the private sector, his reaction to the Occupy Wall Street movement was to write a series of books and establish the non-profit SWIFT Act Alliance.
SWIFT Act proposals are revenue neutral, and reflect 5 core principles:
Smart Growth. Permanent recovery can only be achieved through revival of the real economy, led by manufacturing and high technology, high-value-added industries. Recovery will also require reducing the trade deficit and reforming the financial sector to fundamentally restructure the national economy.
Wage Standards. Imposing wage standards on imports will prohibit unfair wage competition and reduce offshoring. American industry can’t compete with low wage labor. Higher wages overseas would raise global demand for U.S. exports. Increasing U.S. exports would create jobs in this country. The result would be higher demand, both at home and abroad, which would increase sales and drive economic growth around the world.
Industrial Policy. Strategic promotion of manufacturing and high technology industry is critical to U.S. competitiveness in world markets. American Industry can’t compete with producers that have the support of foreign governments. Large scale investments in high technology industry are essential to long term recovery.
Financial Reform. Unprecedented growth of the financial sector has reduced incentive for productive investment and diminished the economy’s capacity to create jobs. At the same time, Wall Street interests and too-big-to-fail banks have successfully lobbied to block meaningful reform.
SWIFT ACT proposals address five essential areas of financial reform:
• Break up the banks – impose size limitations to prevent future bailouts
• Tax the financial sector ¬ reduce excess profits from financial speculation
• Prohibit CEO stock options – stop the incentive to offshore manufacturing
• Establish voluntary pensions – restore retirement security for employees
• Repeal Citizens United – stop unlimited contribution to political campaigns
Trade and Tax Reform. The use of a value added tax (VAT) has the unique potential of achieving both trade and tax reform through the use of a single policy tool. Adopting a VAT would make exports more profitable and imports less profitable. The effect would create incentive for investment in manufacturing, and disincentive for offshoring.
Read Review of SWIFT Act: Swift Action for Permanent Recovery