This paper — the fourth in the Roadmap series — lays out how the gold standard made America great … and why it is essential to making America great again.
Ferrara and Benko cite the gold standard’s opponents and proponents, noting both President-elect Donald Trump and Vice President-elect Mike Pence have in the past expressed their understanding of, and support for, the gold standard. They explain how the United States can return to the gold standard:
Enact the Jack Kemp Gold Standard Act of 1984, which was cosponsored by Reps. Newt Gingrich, Vin Weber, Connie Mack, and others. The bill is easy to understand, easy to defend, and worth investing the political capital to enact. It is the sine qua non of restoring sizzling growth and job creation to the American economy across the board, from workers to investors.
They also describe how the Federal Reserve’s management of the currency has failed; how the gold standard has worked in the past; why the Founding Fathers supported it; and how the United States would benefit from a return to it:
For almost 180 years the American economy benefitted from a variant of the gold standard. The gold standard economy fostered what came to be known as the American Dream: equitable prosperity, which is to say rapid economic growth conjoined with economic justice, abundant opportunity for “the little guy,” including plentiful jobs and upward income mobility.
To read all of the ROADMAP FOR THE 21ST CENTURY papers, click here.