Really detailed, clear and for the most part common-sense proposals for economic problems in the U.S. The author seems principled, pragmatic and self-deprecating.

Summary:

Fiscal Balance

• Problem description: U.S debt as percentage of GDP is increasing steadily. We’ll spend a ton servicing the debt if interest rates ever increase.
• Eliminate tax deduction for interest on mortgages and corporate debt
• Tie retirement age to life expectancy to maintain a constant number of years of social security benefits per person
• Raise cap on taxable income for Social Security
• Move from pensions government pensions to 401(k)s

Inequality

• Problem description: Intergenerational wealth transfer is turning America into an aristocracy rather than a meritocracy.
• Institute a wealth tax on unrealized gains of assets like stocks (we already do this with property tax on houses)
• Institute a consumption tax, which can be made progressive by having higher rates for luxury goods
• Remove inheritance tax loophole that forgives tax on unrealized gains of inherited assets.
• Severely weaken the tax-shielding ability of trusts

Education

• Problem description: Primary and secondary schools have worse performance in America than other countries. College is expensive might not be worth it for a lot of people.
• Make early education (kindergarten and pre-K) mandatory, and make the school day longer
• Add a vocational track for students who aren’t college bound rather than saddling them with debt they won’t be able to pay off.
• Introduce mandatory 1-2 years of national service to provide work experience for youth plus infrastructure benefits for the country.

Health Care

• Problem description: America pays way more for healthcare than its peers but gets worse results.
• Create single payer system to reduce administrative costs, increase negotiating power
• Don’t pay doctors as percentage of cost so they’re not incentivized to overprescribe tests and treatment
• Use co-pays rather than deductibles or premiums to discourage overconsumption
• Collect and honor end-of-life care preferences to avoid excessive spending on those who don’t want it
• Close loopholes that stop generic drugs from being sold (e.g. stop patent owners from tweaking formula to renew patent)

Financial Sector Reform

• Problem description: 2008 financial crisis brought us close to another great depression
• Cap the allowed size of banks to avoid too-big-to-fail
• Regulate hedge funds like we regulate mutual funds (require transparency)
• Require banks keep some small percentage reserve of capital to back hedged positions.

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