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The US Economy is NOT Fine, 2017. (Open Media Participation)

By: Faculty Row Media

Date: 1/11/2017

Dear Professors:
 
Faculty Row's core goal of shining light on academic intelligence still lives. In 2013 Faculty Row sent a survey to professors across the world asking them rate the US economy. Here is the subsequent press release that was produced:
  
 
Our 2017 survey "The US Economy is NOT Fine (2017)" will be distributed to media outlets starting on January 20th, 2017.
 
This survey is open to professors across the world and across disciplines, and we encourage you to advise President Trump on what he should do to help the US economy. 
 
The survey consists of three questions. Questions #2 and#3 are optional.
 
1) The first is simply rate the US economy on a scale of 1-10 (“1" being terrible and “10" excellent) your assessment on how well the US is doing.
  
2)  Asks your opinion regarding whether based on what you know or have heard about Donald Trump’s proposals, whether you think they will help, hurt, or have no impact on the US economy.
  
3) The third question is open-ended, asking you to offer in your opinion one suggestion or policy regarding what you think the Trump administration should do that would best help the US economy.
Results of the survey will be tabulated and released to the media and posted on Faculty Row. 
  
Individual suggestions (anonymously or with name and institutional affiliation if noted) for what the Trump Administration should do may also be made public, posted, and disclosed to the media.
  
This is your chance to be a US presidential advisor and provide recommendations regarding what the Trump administration should do to improve the US economy.
  
Submissions for this piece Should be emailed to Media@FacultyRow.com.
 
The Deadline for submissions is Monday, January 16th, 2017 @ 12:00PM EST.
  
Regards,
The Faculty Row Team

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Comment by Malcolm C. Harris, Sr. on February 27, 2017 at 10:36pm

1) 7.  We are coming off the weakest economic recovery in the last 100 years. The economy is finally picking up some steam.  Zero interest rates are killing jobs while making Wall street and Silicon Valley rich,  Dodd-Frank has crushed small banks and made the financial industrial complex stronger while doing nothing to reform Freddie and Fannie, the biggest bailout of them all. Obamacare has raised the cost of healthcare, increased the marginal cost of hiring lower income workers, and increased inefficiency in 17% of the economy.

2) After all his bluster, I am still not sure what those policies are. However we are much too vulnerable to shocks emanating in the Chinese economy.

3) Replace the payroll tax and corporate income tax with a 20% value added tax that applies to imports as well domestic value added (allowed under GATT);replace the current personal income tax with a flat rate of 20% with virtually not deductions,  a zero rate on incomes of $50,000 or less, and an earned income credit that applies to all working taxpayers regardless of income;,  Replace discretionary monetary policy with a 5% rule and Bagehot’s Rule on the discount window; Replace Dodd-Frank with Haldane's Rule that all banks hold at least 10% capital(=equity) regardless of what hocus pocus they do with their risk-adjusted assets; relieve banks under $500 million in assets of any provision of Dodd-Frank other than the Haldane rule, require banks with more than 1 trillion in assets to hold 12% capital, require all banker's compensation over $500,000 to be paid in the bank's 30 year subordinated bonds which can not be sold until ten years after leaving the bank; initiate polices to restore domestic supply chains.

supply chains.

Comment by Michael Carbajales-Dale on January 26, 2017 at 10:36am

1. I rate the US economy as 8 (financial), 5 (including social). It's doing better than it deserves to be due to the Fed manipulating interest rates. US markets have been doing well, but they're over-priced right now.

2. Donald Trump's proposals will hurt the economy. He wants to disrupt international trade (especially with China - lot of Chinese money in the US!). He is putting inexperienced people to head departments (e.g. Rick Perry). Many important positions are still awaiting nominees. His tax-cuts will help the wealthy, but will further drive inequality and do little to boost GDP growth. His unwillingness to divest or release his tax returns further undermines the public's trust in politicians and 'democratic' institutions.

3. Where to begin... Divest, be more transparent about his own investments, accept the security briefings of his own agencies, not gut environmental legislation, resign...

Comment by Alan Lester on January 14, 2017 at 12:10pm

1.  I rate the economy a 5.  There are underlying issues that don't show in the numbers.

2.  The proposals will help, specifically bringing manufacturing back and reducing the corporate tax rate.

3.  Redirecting our expenditures on infrastructure, education and medical from overseas to the United States will provide more funding for these projects here and put people to work.  The United States should not be a charity organization for other countries.

Comment by Michael Boylan on January 13, 2017 at 11:02am

1.  I'd put the economy at 8 on a scale of 1-10 (10 is the highest).

2.  There is no coherence to Trump's economic proposals.  His big tax cut for the wealthy will extend income inequality.  His trillion dollar construction project will not work as set out (tax cuts for big construction corporations).  

3.  A suggestion for going forward is to nix the proposal about cutting government statistics.  When these are cut we won't know how we are doing with any accuracy.  I'd like for him to release his tax returns and I'd like an independent commission to study Russian interference in our electoral process.  Finally, he should divest all his assets and create a blind trust.  Capitalism only  works in an honest environment.

Comment by Kumar Sambamurti on January 13, 2017 at 8:31am
1) The first is simply rate the US economy on a scale of 1-10 (“1" being terrible and “10" excellent) your assessment on how well the US is doing.
"5"
  
2)  Asks your opinion regarding whether based on what you know or have heard about Donald Trump’s proposals, whether you think they will help, hurt, or have no impact on the US economy.
Some of his proposals are pro-growth. However, he has not clearly indicated how he will restructure science and medicine. Cutting back medicine will create unemployment. 
  
3) The third question is open-ended, asking you to offer in your opinion one suggestion or policy regarding what you think the Trump administration should do that would best help the US economy.
Results of the survey will be tabulated and released to the media and posted on Faculty Row. 
NIH has one director and has a very conservative agenda. It will be better to break it into 10 institutes that each have a Director. The board can then advise the President/Congress. In addition the 10 institutes should compete with each other for both federal and private dollars to grow and stay afloat and to increase its size and effectiveness.
  
Comment by Linda Gertner Zatlin on January 12, 2017 at 11:38pm

1. 8

2. They will undoubtedly hurt!

3. Step down if he doesn't want to divest. After divesting, he can & should maintain free trade.

Linda G. Zatlin

Comment by James M Lutz on January 12, 2017 at 4:43pm

1.  8

2.  Will hurt

3. Maintain free trade

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