Written by Dan Weil - Money News
Implementing a gold standard, as the late Rep. Jack Kemp, R-N.Y., proposed 30 years ago, would go a long way toward solving our economic problems, says Ralph Benko, senior economic adviser for American Principles in Action.
"Enactment, in the opinion of this columnist and others, would unleash a tsunami of equitable prosperity on America and the world," he writes in an article for Forbes.
Benko is optimistic that some political leader will run with Kemp's idea. "It's an appealing opportunity," he argues. "Many — Republican and Democrat — who supported the original Kemp supply-side agenda politically flourished."
Lower marginal tax rates and "good, rather than easy, money" formed the base of Kemp's economic thinking, Benko explains.
"The 'good money' aspect of the Kemp formula has decayed, far more seriously than have his tax rate cuts," he writes. "With easy — which is to say, decayed — money, America has suffered economic stagnation for well over a decade."
We can get back on track with a gold standard, Benko says.