Historical Proof That USA Plan Will Work
We have found no proof historically that any government, university, religion or any other entity has ever attempted to eradicate poverty and explode a nation’s growth rate at the same time. We at the Prosperity Commission are proposing such a plan. We only found three instances that support features of the USA Plan.
The Japanese economy was almost non-existent at the end of WWII. Their initial efforts in manufacturing were so bad, General Douglas MacArthur, the acting head of the country, called on President Truman for engineering and financial help. To provide Japan with the financial guidance he sent Joseph Morrell Dodge, the Chairman of a Detroit Bank.
Dodge made a decision that a bankrupt country had to look to its workforce to generate the capital necessary to build its manufacturing base. Dodge’s plan was successful. The necessary financing was generated in ten short years. So successful that it had climbed from the lowest GDP (Gross Domestic Product) in the world to second only to the United States. Annual growth rates exceeded 10% in some years.
The incentive Dodge used to get the capital was his creation of the Japanese Savings Bank and the non-taxability on interest made on savings in the bank. The Japanese just flooded the bank with savings to get the tax-free benefit. The similarity to the USA plan is his inclusion of all workers getting the tax-free incentive. His plan worked wonders. As the USA Plan is an outright return of 15% of all worker’s wages and a much greater incentive, it should result in greater growth rates also.
Jeffers MacArthur Dodge is a Senior Consultant at the Prosperity Commission and the grandson of Joseph Morrell Dodge.
Privatized Social Security Plans
Many countries now have privatized retirement plans. Many never achieve the ownership status of a USA account as their government most often uses the funds and pays only nominal rates of interest. Only one of Chiles investment funds is invested in US Mutual Funds. It’s been realizing over a 10% rate of return for over 30 years.
The US Government’s Thrift Savings Plan has many of the features of the USA Plan. Unfortunately, it is limited to Federal workers and is paid for by the U.S. Government. None of these plans are designed to accomplish all of the goals of the USA Plan and most are administrated by their government. The USA Plan is administered by an independent trust overseen by the people.
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