LogFAQs > #926747754

It will be painful at first, but we need a big recession to get another crack at fixing the historic wealth and income imbalances and unfair tax laws/loopholes that SHOULD have been fixed after the last recession but were stymied.

Tax shelters need to be addressed, corporate profits need to be taxed at point of sale (no more "I sold $3 billion in goods to Americans...in Ireland...where my corporate HQ is....yeah..."), capital gains need to be taxed at the same rates as income, and extremely high income brackets with large tax rates to match need to be established.

Savings needs to stop being pummeled by the Federal Reserve so they can prop up the stock market.

Housing prices, which only "benefit" those selling a house and not intending to move into another one and property flippers when they increase, need to come back down to earth so regular people can fucking afford them again. We need more laws like Florida's homestead law, that put huge taxes on any properties owned beyond the primary residence. And adopt laws like New Zealand is trying to, to tax foreign property investment (in particular the Chinese, looking for steady assets, have poured insane amounts of money...generated by dubious means from the Chinese government...into our coastal cities and caused an unaffordable spike in housing prices).
Raise the interest rates and force housing prices lower. If you have a low housing price and a high interest rate, you can pay above the monthly requirement to massively reduce the total owed, or refinance when rates drop lower. If the base cost of the house itself is ridiculously overpriced, there's no escape, you're fucked for life unless you can find an even bigger sucker than you to pay yet still more for that house (hello, bubble!).