The Economy

The 2008 Financial Crisis

The Financial Sector was responsible for causing the government to bailout the big banks with taxpayer money. Over $1 trillion dollars was spent on bailing out our economy from the bad decisions of these people. Patrick believed at the time that the money should have been given directly to the American People as cash handouts to stimulate the economy. Millennials still have not recovered from the 2008 Financial Crisis. There were financial mechanisms that existed at the time that could have ensured that the American People that would have received the money spent it on new products and services, rather than paying off old debt - which is exactly what the economy needed to recover. Instead, President Obama gave all of the money to the big banks that ruined millions of people's credit ratings, and our government is still paying interest on the debt today. Would you rather have a President that is for bailing out the big banks, or would you rather have a President that would give you the money to spend, directly?

These are serious ideological differences. Patrick believes that the economy should run off of cash, rather than financial mechanisms of debt such as credit default swaps and derivatives. Patrick believes the economy should run off of liquid assets - not functions of debt that string along millions of people on the same physical dollar. The problem with debt is that it compounds its self - it grows every fraction of a second, whether you're a profitable business or not, and there's usually no way to get out of it other than bankruptcy, which can be extremely costly to do and completely ruins your credit rating. The deregulation of the Financial Sector was a big mistake made by the Bush Administration, and it nearly resulted in the collapse of America, permanently. Now that it has happened, the American Dream is nearly impossible to achieve for most Americans. We didn't solve anything by bailing out the big banks - we should have received the money directly from the government, as the people - it would have resulted in a quicker resurrection of the American economy.

The Global Economy

Globalism vs. Nationalism is the debate of the American and Great Britain economies currently. We need to work harder to stay on top as the world's economic superpower, because China has the potential to take it away from us, again if we are not careful about the decisions we make. Our government needs to get tough on China and other economies that take advantage of American workers with the World Trade Organization (WTO). We also need to have the right strategy with regards to tariffs, because they ultimately increase the costs that Americans pay for goods that are produced in foreign nations. Markets can produce amazing results with the right rules, and we need to lead the world in controlling the global economy, just like we have been in control of foreign policy for hundreds of years. We need a marketplace that works better for the American People, so that every U.S. citizen can create something of value to contribute to society and earn a decent wage, moving forward with a level playing field.

Tariffs can be helpful if they are used in the right way, such as for short-term posturing to obtain a better trade deal, but the Trump Administration has failed to get a good trade deal with China so far while costing Americans billions in fees for their electronics and other goods that are made in China. Tariffs can really hurt the American economy if they are used for a prolonged period of time, which is what China is betting on. Even though there are more people working than ever before, we could still see a recession because of the Trade War with China. We haven't seen the lowest unemployment rate, ever - there are more people working because the population of the United States has grown over time, which means we have more to lose if China wins the Trade War battle.

If Trump raises tariffs on all Chinese goods, like he is threatening, it could send the economy into a tailspin. The threats of tariffs against Mexico because of the immigration crisis shows that President Trump is increasingly dealing with other issues with threats of tariffs, and the Republicans in the Senate are looking to block the President's future tariffs with a veto-proof majority. Most certainly the Democrats will back Senate Republicans on this issue. The U.S. Chamber of Commerce is also assessing legal options against the Trump Administration to block the additional tariffs. Tariffs are having the opposite effect on the economy, nullifying the Trump tax cuts to the wealthy as businesses are having a hard time passing on the costs of the tariffs to American consumers, which are purchasing less due to increased costs.

Infrastructure Spending Bill

Patrick supports infrastructure spending that is paid for, such as through raising the gas tax, and raising the corporate tax rate. He believes that the infrastructure bill should focus on climate change, through infrastructure that is adapted to environmental changes, such as carbon scrubbers, flood proof sewers, and alternative energy projects to convert our aging electrical infrastructure into a smart energy grid that connects renewable energy projects to existing electrical infrastructure. We also need to build and repair bridges, widen highways, and fix our nation's aging roads. Municipalities and state governments can only afford to do so much to our infrastructure, and virtually everyone needs the roads to get to work everyday. But we need to invest into new types of technologies, such as black top that can expand and contract without cracking, with the cold weather in the northern part of the country and the hot weather in the southern part of the country. We need to be sure that we're spending on infrastructure to bring America back to business, while ensuring that the investments that we are making are going into environmentally friendly projects that will slow the effects of Climate Change.

Artificial Intelligence and the High Tech Sector

We need to consider taxing technology companies for the purpose of raising money to offset the expenses of supporting a living wage for truck drivers and machine operators and other workers that will be displaced, permanently, by Artificial Intelligence and robotics. Even the rich receive a living wage in Alaska, due to contracts with oil companies that drill offshore. We need to do it in a way that doesn't hamper the success of high tech companies, such as Facebook, Microsoft, Amazon, Google, and Apple. Giant companies work hard to crush their competition, and even their own customers at times. We need an economy that doesn't just work for the rich and powerful, but for the Middle Class and everyone at the bottom trying to move up. We need an economic environment that allows for fair competition, an economy that really breaks up on monopolies that have an unfair hold over their competitors. Truck drivers are currently making $80-100k/year starting out because there is a shortage of them. However, they will be replaced by self-driving trucks over the next 5-10 years as a result of the invention of artificial intelligence.

Student Loan Debt

Patrick believes that we need an economy that forgives student loan debt. It was because of government policies that high school was made free for everyone - and we need to go further to guarantee the opportunity for every American to earn a 4-year college degree, which is needed to be competitive in today's labor market. Senator Elizabeth Warren has suggested a $0.02/dollar tax on every dollar over $50 million in profits made by any individual or company in America in order to pay for these educational opportunities. Everyone pays for the roads and bridges, yet the rich and powerful use them more with their shipments to their businesses through our ports and air terminals. It's only fair that the rich pay their way for needing talented employees to work for their businesses. This will also help to level the playing field in America's class differences.

Mandatory Paid Family or Medical Leave

Patrick supports legislation that requires all employers to provide a minimum amount of paid family or medical leave to all employees. Unfortunately, New Hampshire Governor Sununu vetoed legislation that would have done exactly that in New Hampshire - writing on the bill that it would have raised taxes. This just isn't true - because the benefits would be provided by employers, not the government. It's only a matter of time before the Federal Government passes legislation to this extent.

The Secure Act

Patrick supports the Secure Act, which makes it easier for Small Businesses to save for their employees' 401k retirement programs. Unfortunately, the Senate Republicans' version of this bill lacks protections for part-time employees. Patrick believes that regardless of what you do for a living, you should have a chance to make retirement - you shouldn't have to make a six figure salary to afford retirement.

Raising the Minimum Wage

Patrick supports raising the Federal minimum wage to $15.00/hr, because there are so many people working today that can't even afford the basic necessities of life. Many of these people have to make a trade-off decision, such as between paying for a medication they need, and paying for food. We shouldn't allow the Republicans to take advantage of us like this, which is why we need a higher minimum wage that supports our labor rights. Many cities have already raised their minimum wage to $15/hr and they have been successful. There are no reasons to not raise the minimum wage now.

More Green Energy Jobs

There are so many people, like residents in West Virginia, that are on opposing sides of the Climate Change debate that have to choose whether to work in coal mines that are being shut down, or in green energy jobs that don't get enough support from Republicans. It's time to support our energy workers with more green energy jobs that will help to stop the damages being done to our environment. Workers shouldn't have to choose which party they support strictly because of their job, or they'll end up caught in the middle of opposite sides of policy.

Consumer Protections

There are a lot of areas that would help to protect consumers from companies that make bad decisions in business just to make more money, such as auto insurance companies charging more money to the elderly because the think they are more of a risk.

Protection of Domestic Skilled Workers

There need to be protections for domestic skilled workers from being competed with by foreign workers that obtain VISAs to come to the United States and work the jobs that Americans should be considered for first. Foreign workers usually will get paid less than Americans for these positions, which makes them more attractive to employers. American workers are worth more than foreign workers in the U.S., and thus they may need to be paid more, which should be their benefit rather than their weakness. An influx of foreign workers with VISAs devalues experts in the U.S., because the foreign workers can obtain the same level of expertise with less investment, move to the U.S., and make substantially more than their own domestic counterparts, while also devaluing U.S. expert labor through the equivalence of dumping of cheap expert labor in the U.S. labor market. All foreign workers should be required to go to the back of the line with regards to the U.S. labor market. The opposite could devalue the American Expert, and could cost the Federal Government Billions in lost revenue, and sunk costs as American Experts will be unable to repay their student loans.

Tariffs Are Hurting The American Consumer

Anyone that tells you that tariffs are taxes that are passed on to the importer is lying to you. Tariffs are paid entirely by the U.S. consumer. Tariffs are added to foreign goods to prevent dumping of cheaper products into the domestic economy, in order to protect American workers, but the tariffs that President Trump has enacted against China are hurting the American consumer. One figure that points this out was the number of jobs added in May 2019, which went down to 75,000 due to the tariffs. The tariffs are also reversing the Trump-era tax cuts to the wealthy. Trump has gone even further, in threatening to impose tariffs on Mexican goods entering the country, if Mexico doesn't significantly help with the migrant crisis at the southern border. It was estimated that 400,000 American jobs will disappear due to tariffs against Mexico, if they are enacted. Small auto suppliers that sell auto parts from Mexico will likely go out of business, due to the increased costs. Some jobs may return to the U.S. as a result of the tariffs, but one auto assembly plant costs $1.6 Billion, so not very many jobs will come back right away as the auto companies have already invested heavily in their production infrastructure in Mexico, and will likely try to sit out the Trump tariffs as best they can without making a move back to the United States. The auto industry has already been hit hard in the past, as foreign competition increases in America. Parts of cities in Michigan are like ghost towns, where tens of thousands of homes are being boarded up after the globalization of the auto manufacturing industry.