1) Aggressively audit every Federal, state and local government agency for overlapping bureaucracy, agency bloat and obsolete/unneeded regulations and cut the size of government by 30% now and up to 50-60% within five years.
2) MASSIVELY overhaul income taxation to reduce yearly income tax compliance costs and encourage more savings and capital investment in the USA. This means going to the Steve Forbes 18% flat-rate no-loophole income tax starting the upcoming calendar tax year (2012) and start the process so three years from now we finally repeal the 16th Amendment and replace the income tax with something like FairTax (H.R. 25/S. 13). This would have the side benefit of making both Social Security and Medicare less necessary, since people can now create "nest eggs" for retirement and medical bills completely tax-free.
3) Implement a large range of reforms on our financial system, which includes:
a) Require all investments to have liquidity backing, or ban the investment as financially too risky.
b) Increase to minimum margin requirements for futures trading to 17%, with a 30% minimum for certain strategic items like petroleum products (crude oil, natural gas, unleaded gasoline, diesel fuel, heating oil and kerosene), certain industrial metals (aluminum, copper, iron, nickel, tin and titanium), certain foodstuffs (cacao beans, coffee, corn, millet, oats, rice, soybeans and wheat), and precious metals (gold, silver, platinum and palladium).
c) Reimpose the 1933 Glass-Steagall Act and give the "too big to fail" banks 18 months to separate out banking and investment operations.
d) Strictly ban anyone working for a government agency from owning private company stock or bonds or the ownership must be placed in special escrow account overseen by a third party.
e) Begin a ten-year 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 coins and bullion blocks used in monetary trade).
4) Aggressively develop all domestic energy resources to make the USA self-sufficient in energy production. This means taking advantage of crude oil, natural gas, and coal reserves (which are still gigantic) in the USA onshore and up to 400 miles offshore, putting all that uranium and thorium into modern, meltdown-proof nuclear reactors, do large scale wind power projects in the upper Midwest (one of the best places on Earth for wind power), do large scale solar power projects in the desert Southwest (one of the best places on Earth for solar power), and even take advantage of tidal power off the US coasts.
In short, under the right leadership, the USA could become again the world's #1 economic superpower and then some, especially since our ground transportation infrastructure is still unmatched anywhere else in the world.
Of course I agree with all of that but what should we sell to pay off China? And what about telling the UN to GFT?And or ending billions in wasteful foreign aid we dole out constantly?