Economic Bill of Rights

The TEA Party in Valpo on the 4th was a great event, and once again a good turn out and a fun time. I spoke, as some on here may know, at that TEA Party, and the video is on my site, www.mattersofopinion.net. During that speech I talk about an Economic Bill of Rights, and as promised, I will elaborate. This is right out of the book "Common Sense Economics" by James Gwartney, Richard L. Stroup, and Dwight R. Lee.

a. No government shall use its regulatory powers to take private property, either partially or in its entirety, for public use without paying the owner the full market value of the property taken.

In recent years state and local governments in particular have used regulations to take or control private property without compensation, even though the property owner had violated the rights of no one. The courts have generally allowed them to do so as long as a legislative body deemed that the action was "in the public interest" or that the taking did not deny the owner all uses of his or her property. This is an open door to abuse that must be closed.

b. The rights of individuals to compete in a business or profession and/or buy and sell legally tradable goods and services at mutually acceptable terms shall not be infringed by Congress or any of the States.

The freedom of individuals to compete in business and engage in voluntary exchange activities is a cornerstone of both economic freedom and progress. Price controls, business and occupational entry restraints, laws restricting the exchange of goods and services across state boundaries, and other government regulations that restrain trade should be prohibited.

c. Congress shall not levy taxes or impose quotas on either imports or exports.

The U.S. Constitution already prohibits the imposition of these trade restraints on exports. This prohibition should also be extended to imports. The freedom to trade is a basic human right, just like freedom of speech and freedom of religion. There is no reason why Americans should no be permitted to buy from and sell to whomever will give them the best deal, even if the trading partner lives in another country.

d. A 3/4ths approval of both Houses of Congress shall be required for all expenditure programs of the federal government. At least 2/3rds approval of the legislative branches of state government shall be required for the approval of expenditures by state governnments.

Remember, if a project is really productive, there will always be a method of finance that will result in everyone gaining. Thus, the super majority provisions need not eliminate projects that truly increase wealth. They will, however, make it more difficult for special interests to use government as a tool for plunder. They will also help keep the spending activities of governments as the local level where competition among governments provides a stronger incentive to serve the interests of all citizens.

e. A 3/4ths approval of both Houses of Congress shall be required before the federal government is permitted to borrow any funds to finance a deficit in its annual budget.

This will reduce the inclination of Congress to spend beyond its means.

f. A 3/4ths approval of both Houses of Congress shall be required for the federal government to mandate any expenditures by either State governments or private business firms.

If this provision is no included, Congress will use mandated expenditures to escape the prior spending and borrowing limitations.

g. The function of the Federal Reserve System (FED) is to maintain the value of currency and establish a stable price level. If the price level either increases or decreases by more than four percent annually during two consecutive years, all Governors of the FED shall be required to submit their resignations.

This provision would make it clear what the FED is supposed to do. If the FED establishes monetary stability, it is doing its part to promote economic stability and progress.


Now, I'm not foolish enough to believe that this would actually be PASSED. But it should be, and if it could be, we wouldn't find ourselves in near the kind of messes we have been in economically, including today.