A New Deal for the 21st Century: Less Entitlement, More Accountability

Abstract

This paper explores the evolution of American economic policy since the New Deal. It argues that an accumulation of statist institutions and policies since World War II have led to the latest financial crisis in the housing sector. The paper then makes proposals with respect to fiscal policy, the Federal Reserve (Fed) System and the role of the dollar as the primary means of exchange in global commerce. The paper suggests a change in structure of the U.S. tax system from income to sales, privatization of much of the Fed and a gradual end of the "special" role for the dollar.

Keywords: New Deal, Federal Reserve, dollar, taxes, debt