SWIFT Act: Swift Action for Permanent Recovery

by Buck Marshall

SWIFT Act proposals are revenue neutral, and reflect 5 core 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 • 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.

172 pages, Paperback

Published April 19, 2016

Reviews

[Reader Views · Rating 5 out of 5]

Reviewed by Susan Violante for Reader Views (2016)

Article first published as Book Review: ‘SWIFT Act: Swift Action for Permanent Recovery’ by Buck Marshall on Blogcritics.

“SWIFT Act: Swift Action for Permanent Recovery” by Buck Marshall couldn’t have been better timed as I received it in the midst of such a horrible election year. The Preface pretty much hooked me through the following statement:

“Offshoring is not Trade;

Banks are not Factories.”

In the first part of the book, Marshall provides a recount of what happened with our economy through the course of each presidency. This portion of the book is not only scary it is an eye opener. As a Political Science major, I have always followed the economy in a generalized way, as well as international politics. What Marshall provides in the first portion of his book, is a factual, and chronological map of how the economy evolved from a real value one to a new economy, based on speculation.

In other words, we went from producing goods in the US to importing them. This evolution happened through a series of policies generated to cater to presidential campaigns serving the financial sector. This portion of the book blew my mind, as it put everything into perspective in such a way that I was able to picture the entire process in my head.

In the second part of the book, Marshall introduces the “SWIFT Act,” a plan for permanent recovery of the economy. Marshall presents options for each major problem we are currently experiencing in the new economy. It is here the reader can exercise creativity and personal points of view to generate their own opinion as to whether or not they believe this Act could work. Furthermore, if they agree with the process, the reader can become a part of it by visiting the website and signing the petition.

Overall, I found “SWIFT Act: Swift Action for Permanent Recovery” by Buck Marshall to be an absolute eye opener. Marshall’s research and ability to present how the new economy evolved, and how it is hurting our nation and the world is impressive. My only comment on the reason I am giving it 4.5 stars out of five is on the formatting of the book. I think that the formatting in the second part book made it a little repetitive, as he had to re-visit each problem to present the proposed solution. Having said that, I hope readers do not let that stop them from reading it to the end. I am happy I did.

I definitely recommend, encourage, and hope that everyone reads and follows up with “SWIFT Act: Swift Action for Permanent Recovery” by Buck Marshall!

[Adam Michael Seligman · Rating 3 out of 5]

For me, personally, this book was way above my head. This was not at all what I thought it was going to be about. I'm sure, for those who find this topic to be useful, it's great. For me, it's not exactly a topic that I'm interested in.

[Kathy Heare Watts · Rating 5 out of 5]

I won a copy of this book during a Goodreads giveaway. I am under no obligation to leave a review or rating and do so voluntarily. I am paying it forward by passing this book along to a family member who I think will enjoy it too.

[Faith 09 · Rating 3 out of 5]

An interesting proposal.