Latest news with #AmericanSystem
Yahoo
24-05-2025
- Business
- Yahoo
Is America's Comeback Already Underway?
Former CIA advisor says $150 trillion in untapped national wealth could quietly restore the U.S. economy—starting now WASHINGTON, May 24, 2025 (GLOBE NEWSWIRE) -- The headlines paint a bleak picture: national debt, economic uncertainty, and a shrinking middle class. But one former government advisor says the real story is far more optimistic—and virtually no one is reporting on it. 'America is anything BUT broke,' says Jim Rickards, a former advisor to the CIA, White House, and U.S. Treasury. 'There's a side to this story you've never heard before.' According to Rickards, the United States has quietly amassed a $150 trillion 'national inheritance' that has remained sealed off from the public for more than a century—but is now being unlocked due to a recent legal shift. A Comeback Built on What's Already Here This wealth isn't based on speculation or foreign aid—it's rooted in the vast reserves of natural resources and minerals located beneath federal lands across the country. 'It's enough to pay off the national debt, four times over,' Rickards says. 'Enough to make every single family in America millionaires. 'This 'trust fund' is not a pile of money to be equally distributed… It's not part of a government program or handout,' Rickards explains. 'And unlike the Social Security trust fund, which has been raided… this national trust has remained untouched for over 160 years.' Rickards says a forgotten mining provision in Title 30 of the U.S. Code helped establish this 'trust,' and it has steadily grown in value to become one of the greatest hidden assets in the nation's history. The Chevron Doctrine: An Obstacle Removed For decades, access to these resources was blocked by federal red tape and environmental restrictions, enforced through the Chevron Doctrine, a legal framework that gave agencies broad regulatory power. 'They tied us down with reams of regulation,' Rickards explains. 'And gave agencies like the EPA 'kill shot' power to stop any mining project they wanted.' 'We have massive mineral wealth here. It's not hard to extract. We know where it is. And how to get it. But the government got in the way.' In 2024, the Supreme Court—under a Trump-appointed majority—overturned the Chevron Doctrine, transferring control from unelected regulators back to the courts. 'For the first time in half a century—we can go get them,' Rickards says. 'This is the opportunity of a lifetime.' The Revival of the American System Rickards believes this moment could trigger more than just economic growth—it could represent a broader return to what he calls the 'American System.' 'In addition to unlocking our vast $150 trillion mineral endowment, I believe Trump is going to reset the clock on our republic,' Rickards says. 'He's returning us to something that worked for centuries.' That system, according to Rickards, is built on real production, natural resources, and self-reliance—values that he believes are making a comeback. 'We're finally unlocking our American Birthright,' he adds. 'Most people will be shocked by what's coming next.' About Jim Rickards Jim Rickards is an economist, lawyer, and former advisor to the CIA, Pentagon, and U.S. Treasury. He served as a principal negotiator during the Iran Hostage Crisis, co-developed the 1970s Petrodollar Accord, and has briefed senior U.S. officials on national security and economic policy. He is the editor of Strategic Intelligence, a research publication exploring critical developments that impact the U.S. economy, governance, and global leadership. Media Contact:Derek WarrenPublic Relations ManagerParadigm Press GroupEmail: dwarren@
Yahoo
03-04-2025
- Business
- Yahoo
Trump and Our Return to the ‘American System'
Few economic philosophies have shaped Americas prosperity as profoundly as Henry Clays American System - a blueprint for national strength and self-sufficiency. Developed in the early 19th century, Clays vision centered on protective tariffs, a strong national banking system, infrastructure development, and the responsible use of natural resources. These pillars propelled the United States into economic dominance. However, in the latter half of the 20th century, Cold War geopolitics led to a significant departure from these principles. Today, President Trumps economic policies signal a revival of the American System, aiming to restore national industry, energy independence, and economic resilience. One of the key components of Clays American System was the use of tariffs to shield domestic industries from foreign competition. Clay and his contemporaries understood that fledgling American manufacturers needed time to grow without being undermined by cheaper imports. This approach helped transform the U.S. from an agrarian economy into an industrial powerhouse. President Trumps embrace of tariffs is a modern adaptation of this strategy, aimed at protecting American businesses from unfair foreign trade practices. His policies seek to revitalize domestic manufacturing, reduce dependency on foreign goods, and address trade imbalances, particularly with China. Additionally, tariff revenue contributes to lowering the national debt, reinforcing economic sovereignty. Clays American System also relied on a centralized banking institution to maintain financial stability. The Second Bank of the United States played a critical role in providing credit, regulating state banks, and preventing economic crises. Although Andrew Jackson dismantled the bank in the 1830s, its essential functions were later restored with the creation of the Federal Reserve in 1913. While Trump has been vocal in his criticism of the Federal Reserves interest rate decisions, he has consistently championed a strong dollar and a stable financial system. His economic policies aim to foster domestic growth while ensuring that U.S. monetary policy serves the nations best interests rather than the demands of global financial elites. Another core tenet of the American System was the federal governments role in developing infrastructure. Clay understood that investing in roads, canals, and railroads was essential for national growth, linking markets and expanding economic opportunities. The Erie Canal, transcontinental railroad, and interstate highway system are all legacies of this philosophy. Trumps focus on rebuilding Americas infrastructure is a direct continuation of this principle. His administration has pushed for major investments in highways, bridges, airports, and broadband expansion, recognizing that modern infrastructure is key to long-term economic competitiveness. His "America First" vision prioritizes domestic industries and job creation through large-scale development projects. Clays economic vision also emphasized utilizing Americas vast natural resources to fuel economic growth. Throughout U.S. history, industries have thrived due to the countrys access to coal, timber, oil, and minerals. Under President Trump, the United States became the worlds leading energy producer, reversing decades of reliance on foreign oil. His administration prioritizes domestic energy production - expanding oil drilling, natural gas extraction, and coal mining - which contributes to lower energy costs and economic growth. By ensuring energy independence, Trump reinforces a key pillar of the American System - harnessing natural resources for national prosperity. For most of our history, the U.S. followed the American System to protect its industries and promote national wealth. However, after World War II, Cold War strategy took precedence over economic protectionism. In an effort to secure global alliances against communism, America lowered tariffs to encourage partnerships to contain the Soviet Union. While this strategy helped win the Cold War, it also led to the decline of American manufacturing. Today, the Cold War is long over, yet the economic policies that sacrificed American industry remain unchanged. As a result, millions of jobs have been lost to overseas markets, and American businesses have suffered from unfair competition with countries that manipulate their currencies and exploit cheap labor. Trumps economic agenda seeks to reverse these decades-old policies, prioritizing American workers and industries once again. As the United States faces increasing competition from China and other global powers, the question remains: Will Trumps economic philosophy be successful? While his policies were met with resistance from both parties, they resonate with millions of Americans who have witnessed firsthand the consequences of offshoring and deindustrialization. The debate over trade, industry, and economic nationalism is far from over. But one thing is clear: Those opposing Trumps policies are rejecting the very system that built Americas prosperity. The American System lifted the United States to economic dominance once before - can it do so again? If history is any guide, the answer may very well be yes. Tim Overton is a pastor and currently serves as chairman of the Delaware County Republican Party in Indiana.
Yahoo
17-02-2025
- Business
- Yahoo
'Waste, fraud and abuse' is a political fight older than the nation. Here's what to know
ATLANTA (AP) — Good-government advocates, anti-tax conservatives, politicians of various stripes and everyday Americans grouse about 'waste, fraud and abuse' across the U.S. government. President Donald Trump and the Department of Government Efficiency, led by the world's richest man, Elon Musk, opened the latest chapter for a phrase hailed as common sense and derided as propaganda. 'It's a very broad idea,' said Matt Weidinger of the right-leaning American Enterprise Institute. 'But this phrase 'waste, fraud and abuse' obviously means different things to different people.' See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Here is a look at this rhetorical cudgel and how it relates to the outset of Trump's second administration. The seemingly far-away government has always been a bogeyman Pinpointing the genesis of 'waste, fraud and abuse' as political rhetoric is difficult. But the concept and resulting battles are older than the nation: Think 'taxation without representation' and the break from Great Britain. After winning independence, the early American republic reprised the arguments. Two generations fought over Alexander Hamilton's national bank — a philosophical forerunner to everything from the Federal Reserve system to Small Business Administration loans, federally backed mortgage securities and bank deposit insurance. Trump's populist hero, Andrew Jackson, cast the Second National Bank as a sop to its wealthy stockholders. 'There are no necessary evils in government,' the seventh president wrote in one veto message. 'Its evils exist only in its abuses.' Many of Jackson's fellow Southerners opposed the related 'internal improvements' of Henry Clay's American System. The enslaving planter class viewed the spending for roads, bridges and navigable waterways — long before Washington had 'infrastructure weeks' — as an unconstitutional federal overreach that transferred their wealth indirectly to factory owners, bankers and shipping magnates in more industrialized northern states. Ronald Reagan cemented modern conservatives' approach in his first inaugural address. 'Government is not the solution to our problem,' he said in 1981. 'Government is the problem.' He railed against 'the welfare queen' as the public face of an inefficient social safety net and unaccountable federal government. Reagan based the attack, which critics lambasted as a racist trope, on one woman's criminal fraud case for getting hundreds of thousands of dollars in assistance. In a forerunner to DOGE, Reagan impaneled a group of private sector CEOs to identify waste. The 'Grace Commission,' colloquially named for its chairman, businessman J. Peter Grace, moved more deliberately than DOGE, and its recommendations were not implemented on a broad scale. Reagan and Congress did raise the retirement age for Social Security eligibility. The federal pie is massive The federal government spent about $6.7 trillion in fiscal year 2023. The libertarian Cato Institute counts the biggest-ticket items this way: $3.19 trillion in transfer payments; $1.15 trillion in aid to states; $950 billion in interest payments on national debt; $840 billion in purchases of goods and services; and $560 billion to pay federal workers. Social Security and Medicare comprise most of Cato's transfer category, along with programs like food assistance and the earned income tax credit for low-income households. Medicaid accounts for most state aid, which also includes education, transportation and other infrastructure. The issue for Musk, or perhaps for Trump and Republican majorities in Congress, is that Americans hold conflicting views about the details. March 2023 polling from The Associated Press-NORC Center for Public Affairs Research found that 6 in 10 U.S. adults said the U.S. government was spending 'too much' overall. Yet an AP-NORC poll taken in January 2025 found that about two-thirds of American adults say the U.S. government is spending 'too little' on Social Security and education. About 6 and 10 said the same about Medicare, the government health insurance program for older Americans, and assistance to poor Americans. Most adults also say Medicaid, the health insurance program for the poorest working-age Americans and low-income children, is underfunded. Medicare and Medicaid payments do not go directly to patients but to health care providers — physicians, hospitals, clinics, pharmaceutical companies and medical supply firms in communities across the country. How much is actually lost to waste and fraud? The Government Accountability Office and other agencies produce regular reports identifying inefficiencies and other problems. The GAO said in 2024 that its enacted recommendations have saved about $667 billion since 2011. Vivek Ramaswamy, another Trump ally initially involved with DOGE, seized on hundreds of billions of dollars in contracts and programs that Congress may not have reauthorized explicitly. Yet contrary to Ramaswamy's characterization, most are ongoing programs from veterans medical care to NASA functions. Trump has not addressed another pool of potential money: the so-called 'tax gap.' That's not about the Republican vs. Democratic debate over rates and loopholes. It's the estimated gap between what the federal government should collect under existing law and what actually gets paid on time. Like 'improper payments,' it's a mix of clerical error and intentional fraud. The IRS estimate for the 2022 tax year: $696 billion. Other government reports identify 'improper payments' — Social Security, Medicare, Medicaid, unemployment insurance — that total several hundred billion in typical years. Weidinger, the AEI budget expert, said that includes some fraudulent spending but is mostly overpayments or payments that require more documentation. Mistakes could include a Social Security payment a month after a recipient has died, a government miscalculation of someone's benefit, someone getting one unemployment check after getting a new job or an insufficiently documented claim from a health care provider. But Weidinger also noted that special government programs, such as unemployment during the COVID pandemic, carried a much higher rate of outright fraud — identity thieves, including from foreign nations, gaming the system to get money. 'We won't ever recover all of that,' he said. And, he added, the government's estimates of fraud and improper payments are probably too low even if they almost certainly do not reach the levels of savings Musk and Trump have promised. ___
Boston Globe
17-02-2025
- Business
- Boston Globe
‘Waste, fraud and abuse' is a political fight older than the nation. Here's what to know.
Here is a look at this rhetorical cudgel and how it relates to the outset of Trump's second administration. The seemingly far-away government has always been a bogeyman Pinpointing the genesis of 'waste, fraud and abuse' as political rhetoric is difficult. But the concept and resulting battles are older than the nation: Think 'taxation without representation' and the break from Great Britain. Advertisement After winning independence, the early American republic reprised the arguments. Two generations fought over Alexander Hamilton's national bank — a philosophical forerunner to everything from the Federal Reserve system to Small Business Administration loans, federally backed mortgage securities and bank deposit insurance. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Trump's populist hero, Andrew Jackson, cast the Second National Bank as a sop to its wealthy stockholders. 'There are no necessary evils in government,' the seventh president wrote in one veto message. 'Its evils exist only in its abuses.' Many of Jackson's fellow Southerners opposed the related 'internal improvements' of Henry Clay's American System. The enslaving planter class viewed the spending for roads, bridges and navigable waterways — long before Washington had 'infrastructure weeks' — as an unconstitutional federal overreach that transferred their wealth indirectly to factory owners, bankers and shipping magnates in more industrialized northern states. Ronald Reagan cemented modern conservatives' approach in his first inaugural address. 'Government is not the solution to our problem,' he said in 1981. 'Government is the problem.' He railed against 'the welfare queen' as the public face of an inefficient social safety net and unaccountable federal government. Reagan based the attack, which critics lambasted as a racist trope, on one woman's criminal fraud case for getting hundreds of thousands of dollars in assistance. In a forerunner to DOGE, Reagan impaneled a group of private sector CEOs to identify waste. The 'Grace Commission,' colloquially named for its chairman, businessman J. Peter Grace, moved more deliberately than DOGE, and its recommendations were not implemented on a broad scale. Reagan and Congress did raise the retirement age for Social Security eligibility. Advertisement The federal pie is massive The federal government spent about $6.7 trillion in fiscal year 2023. The libertarian Cato Institute counts the biggest-ticket items this way: $3.19 trillion in transfer payments; $1.15 trillion in aid to states; $950 billion in interest payments on national debt; $840 billion in purchases of goods and services; and $560 billion to pay federal workers. Social Security and Medicare comprise most of Cato's transfer category, along with programs like food assistance and the earned income tax credit for low-income households. Medicaid accounts for most state aid, which also includes education, transportation and other infrastructure. The issue for Musk, or perhaps for Trump and Republican majorities in Congress, is that Americans hold conflicting views about the details. March 2023 polling from The Associated Press-NORC Center for Public Affairs Research found that 6 in 10 U.S. adults said the U.S. government was spending 'too much' overall. Yet an AP-NORC poll taken in January 2025 found that about two-thirds of American adults say the U.S. government is spending 'too little' on Social Security and education. About 6 and 10 said the same about Medicare, the government health insurance program for older Americans, and assistance to poor Americans. Most adults also say Medicaid, the health insurance program for the poorest working-age Americans and low-income children, is underfunded. Medicare and Medicaid payments do not go directly to patients but to health care providers — physicians, hospitals, clinics, pharmaceutical companies and medical supply firms in communities across the country. Advertisement How much is actually lost to waste and fraud? The Government Accountability Office and other agencies produce regular reports identifying inefficiencies and other problems. The GAO said in 2024 that its enacted recommendations have saved about $667 billion since 2011. Vivek Ramaswamy, another Trump ally initially involved with DOGE, seized on hundreds of billions of dollars in contracts and programs that Congress may not have reauthorized explicitly. Yet contrary to Ramaswamy's characterization, most are ongoing programs from veterans medical care to NASA functions. Trump has not addressed another pool of potential money: the so-called 'tax gap.' That's not about the Republican vs. Democratic debate over rates and loopholes. It's the estimated gap between what the federal government should collect under existing law and what actually gets paid on time. Like 'improper payments,' it's a mix of clerical error and intentional fraud. The IRS estimate for the 2022 tax year: $696 billion. Other government reports identify 'improper payments' — Social Security, Medicare, Medicaid, unemployment insurance — that total several hundred billion in typical years. Weidinger, the AEI budget expert, said that includes some fraudulent spending but is mostly overpayments or payments that require more documentation. Mistakes could include a Social Security payment a month after a recipient has died, a government miscalculation of someone's benefit, someone getting one unemployment check after getting a new job or an insufficiently documented claim from a health care provider. But Weidinger also noted that special government programs, such as unemployment during the COVID pandemic, carried a much higher rate of outright fraud — identity thieves, including from foreign nations, gaming the system to get money. 'We won't ever recover all of that,' he said. And, he added, the government's estimates of fraud and improper payments are probably too low even if they almost certainly do not reach the levels of savings Musk and Trump have promised. Advertisement
Associated Press
17-02-2025
- Business
- Associated Press
‘Waste, fraud and abuse' is a political fight older than the nation. Here's what to know
ATLANTA (AP) — Good-government advocates, anti-tax conservatives, politicians of various stripes and everyday Americans grouse about 'waste, fraud and abuse' across the U.S. government. President Donald Trump and the Department of Government Efficiency, led by the world's richest man, Elon Musk, opened the latest chapter for a phrase hailed as common sense and derided as propaganda. 'It's a very broad idea,' said Matt Weidinger of the right-leaning American Enterprise Institute. 'But this phrase 'waste, fraud and abuse' obviously means different things to different people.' Here is a look at this rhetorical cudgel and how it relates to the outset of Trump's second administration. The seemingly far-away government has always been a bogeyman Pinpointing the genesis of 'waste, fraud and abuse' as political rhetoric is difficult. But the concept and resulting battles are older than the nation: Think 'taxation without representation' and the break from Great Britain. After winning independence, the early American republic reprised the arguments. Two generations fought over Alexander Hamilton's national bank — a philosophical forerunner to everything from the Federal Reserve system to Small Business Administration loans, federally backed mortgage securities and bank deposit insurance. Trump's populist hero, Andrew Jackson, cast the Second National Bank as a sop to its wealthy stockholders. 'There are no necessary evils in government,' the seventh president wrote in one veto message. 'Its evils exist only in its abuses.' Many of Jackson's fellow Southerners opposed the related 'internal improvements' of Henry Clay's American System. The enslaving planter class viewed the spending for roads, bridges and navigable waterways — long before Washington had 'infrastructure weeks' — as an unconstitutional federal overreach that transferred their wealth indirectly to factory owners, bankers and shipping magnates in more industrialized northern states. Ronald Reagan cemented modern conservatives' approach in his first inaugural address. 'Government is not the solution to our problem,' he said in 1981. 'Government is the problem.' He railed against 'the welfare queen' as the public face of an inefficient social safety net and unaccountable federal government. Reagan based the attack, which critics lambasted as a racist trope, on one woman's criminal fraud case for getting hundreds of thousands of dollars in assistance. In a forerunner to DOGE, Reagan impaneled a group of private sector CEOs to identify waste. The 'Grace Commission,' colloquially named for its chairman, businessman J. Peter Grace, moved more deliberately than DOGE, and its recommendations were not implemented on a broad scale. Reagan and Congress did raise the retirement age for Social Security eligibility. The federal pie is massive The federal government spent about $6.7 trillion in fiscal year 2023. The libertarian Cato Institute counts the biggest-ticket items this way: $3.19 trillion in transfer payments; $1.15 trillion in aid to states; $950 billion in interest payments on national debt; $840 billion in purchases of goods and services; and $560 billion to pay federal workers. Social Security and Medicare comprise most of Cato's transfer category, along with programs like food assistance and the earned income tax credit for low-income households. Medicaid accounts for most state aid, which also includes education, transportation and other infrastructure. The issue for Musk, or perhaps for Trump and Republican majorities in Congress, is that Americans hold conflicting views about the details. March 2023 polling from The Associated Press-NORC Center for Public Affairs Research found that 6 in 10 U.S. adults said the U.S. government was spending 'too much' overall. Yet an AP-NORC poll taken in January 2025 found that about two-thirds of American adults say the U.S. government is spending 'too little' on Social Security and education. About 6 and 10 said the same about Medicare, the government health insurance program for older Americans, and assistance to poor Americans. Most adults also say Medicaid, the health insurance program for the poorest working-age Americans and low-income children, is underfunded. Medicare and Medicaid payments do not go directly to patients but to health care providers — physicians, hospitals, clinics, pharmaceutical companies and medical supply firms in communities across the country. How much is actually lost to waste and fraud? The Government Accountability Office and other agencies produce regular reports identifying inefficiencies and other problems. The GAO said in 2024 that its enacted recommendations have saved about $667 billion since 2011. Vivek Ramaswamy, another Trump ally initially involved with DOGE, seized on hundreds of billions of dollars in contracts and programs that Congress may not have reauthorized explicitly. Yet contrary to Ramaswamy's characterization, most are ongoing programs from veterans medical care to NASA functions. Trump has not addressed another pool of potential money: the so-called 'tax gap.' That's not about the Republican vs. Democratic debate over rates and loopholes. It's the estimated gap between what the federal government should collect under existing law and what actually gets paid on time. Like 'improper payments,' it's a mix of clerical error and intentional fraud. The IRS estimate for the 2022 tax year: $696 billion. Other government reports identify 'improper payments' — Social Security, Medicare, Medicaid, unemployment insurance — that total several hundred billion in typical years. Weidinger, the AEI budget expert, said that includes some fraudulent spending but is mostly overpayments or payments that require more documentation. Mistakes could include a Social Security payment a month after a recipient has died, a government miscalculation of someone's benefit, someone getting one unemployment check after getting a new job or an insufficiently documented claim from a health care provider. But Weidinger also noted that special government programs, such as unemployment during the COVID pandemic, carried a much higher rate of outright fraud — identity thieves, including from foreign nations, gaming the system to get money. 'We won't ever recover all of that,' he said. And, he added, the government's estimates of fraud and improper payments are probably too low even if they almost certainly do not reach the levels of savings Musk and Trump have promised.
