1) Drastically overhaul or even phase out the income tax. The current system costs Americans US$304 BILLION per year in compliance costs, drives jobs out of the country and may have driven circa US$16 TRILLION in American-owned liquid assets into the underground economy or into offshore financial centers to keep these assets out of the reach of the IRS--sheer economic insanity.
2) Aggressively reign in the excesses of Wall Street. We need to require real liquid backing to trade in hedge funds, derivatives, credit default swaps and other "exotic" investments, increase the minimum margin requirements for futures and index trades to 15%, re-impose the 1933 Glass-Steagall Act to "firewall" bank assets from the ups and downs of the stock market, and revise the Sarbanes-Oxley Act.
3) Aggressively audit EVERY Federal, state and local government agency. Use the audit results to look for bureaucratic overlap and agency bloat so we can cut the size of government at minimum 30% immediately and eventually cut it by as much as 60%.
4) Begin a decade-long phase out of the Federal Reserve Note fiat currency and replace it with a new US dollar backed by a combination of gold, silver, platinum, palladium, copper and nickel--the most common metals used for bullion blocks and coins used in legal monetary transactions.
Do these four steps and our economy will come roaring back and be stronger than ever over the next decade. 