Dan Thornton, retired V.P. of the Federal Reserve Bank of St. Louis, writing in The Wall Street Journal, Jan 26, 2021:
“…the Cares Act did nothing to stimulate economic growth. This isn’t surprising. Economists know that fiscal and monetary policy actions can’t increase an economy’s growth rate.
Economic growth is determined by the growth rates of labor, real capital and productivity. The growth rate of labor is determined by immigration and the labor-force participation rate.
The latter trended up until about 2000 when it began trending down. Investing in plant and equipment happens because investors expect very high rates of return. They won’t invest less because the borrowing rate is 8% rather than 5%, nor will they invest more if the borrowing rate drops from 5% to 2%.
Productivity is driven by technology, which is why there was a decade-long increase in productivity growth that began in the mid-1990s.
The Cares Act wasn’t entirely humanitarian aid and didn’t stimulate growth. Increasing the amount to $2,000 won’t make a difference.”
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The Leviticus 25 Plan, on the other hand, will stimulate long-term, sustainable economic growth.
It is far and away superior to CARES Act-type stimulus programs, in that it will significantly scale back the rewards of non-work, and will thereby increase the labor force participation rate. Through the elimination of massive amounts of debt, it will increase real capital, and it will increase productivity through the restoration of free market dynamics within our economic system.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
$90,000 per U.S. citizen – Leviticus 25 Plan 2021 (3934 downloads)