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by Gary R. Patterson (Author)
It is said that one measure of true literary talent is the ability to interpret and communicate complex ideas in simple terms. Indeed, in his third book in as many years, entitled Jump-Starting Real Job Creation in America, author Gary R. Patterson has met that bar in his own insightful, thought-provoking and analytical signature style. In layman terms, Patterson demystifies the seemingly daunting interrelated economic challenges of our time confronting this country of 1) Job Creation; 2) Tax Reform; 3) Entitlements and 4) eliminating Annual Trillion Dollar-Plus Federal Deficits and balancing the Annual Federal Budget within as little as five years. However, rather than merely defining problems, Patterson further offers common sense, achievable solutions that are financially, actuarially and demographically justified. Moreover, Patterson specifically itemizes and quantifies the requisite dollars-and-cents sacrifice that must be borne equitably by all; which, especially with regard to the issue of Entitlements, no one - neither The President nor Congress - has yet dared to grapple with to this very day. Indeed, Patterson manages to reduce and present his Annual Balanced Budget Computations to just a single page! The "Good News" is, if adopted, Patterson's Entitlement recommendations, in particular, would preserve full benefits for both Social Security and Medicare going forward A) in their present form (i.e. no cuts) and B) at the current minimum qualification. After three years of failed Obama Administration economic policy based on Keynesian Consumer-driven Demand, emphasis must finally shift to monetarily incentivizing Employers, through tax policy, to again begin hiring. The optimal Private Sector Jobs Creation Solution - to a nation reeling from a net loss of 8 million jobs since 2008 - can be achieved, through targeted tax policy, which will financially incentivize Private Enterprise to hire; yet, without adding a single Dollar to the Deficit or National Debt. Specifically, a Private Sector Job Creation initiative could be implemented that would significantly lessen the financial risk to Employers of hiring new workers - contingent upon the offer of a lucrative Sustained Jobs Creation Tax Credit per employee hired. What's more, what if the financial incentive to hire employees became so lucrative and enticing, that existing businesses would be compelled to do so, if for no other reason than out of concern that, if they don't, their competition will? In particular, the Sustained Jobs Creation Tax Credit, as recommended herein, is projected to cost approximately $63 Billion over two years but will, in effect, be paid in the form of a tax credit generated from new employee payroll taxes paid by Employers in prior years - thus, not requiring any upfront Federal Funding. Further, by comparison, although substantial, the $63 Billion projected cost is less than 10% of the cost of the entire Obama Stimulus Bill. Moreover, at a projected cost per job of $14,000, the Sustained Jobs Creation Tax Credit as recommended herein, is tens of thousands of dollars less when compared to 1) the Obama Stimulus Plan ($238,000 per job); 2) Cash for Clunkers ($86,000 per job) or 3) Cash for Caulkers ($80,000 per job). Finally, in conjunction with comprehensive Corporate and Individual Tax Reform, this book details exactly how to incentivize and compel Existing, Established Businesses and U.S.-based Multi-National Corporations, in particular, to move their collective $2+ Trillion of capital currently "sitting on the sidelines," both domestically and overseas, back into the United States to invest in Jobs Creation in this country. Once achieved, a recovery of a projected eight million sustained, long-lasting jobs in America will, indeed, mightily contribute to a balanced Annual Federal Budget (as detailed herein) within five years.
