America Invents Act H.R. 1249 Passes House
Last Updated on Wednesday, 29 June 2011 02:55
Written by dbhalling
Friday, 24 June 2011 09:28
The America Invents Act passed the House with a vote of 304-117 Thursday, 6/23/11, night. The House (H.R. 1249) version differs from the Senate version (S.23) so the passage of the Act is not a done deal. The major difference was the House version stripped provisions stopping fee diversion. Some people are optimistic that the Bill will die in conference because of these differences. I hope they are correct, but I am not optimistic.
This Act is the greatest weakening of property rights in the history of the United States. This Act will ensure that America will suffer declining levels of innovation, chronic high employment, falling wages, and anemic economic growth. Increasing our level of technology is the only way to increase real per capita incomes. This lack of growth will result in the United States going through a major financial crisis within the next four years, which will lead to a great depression. Most economists will not predict this or understand it after the fact, because most economists confuse money with wealth. They think that by manipulating the money supply and tinkering with tax rates you can create economic growth. Those few economists who understand that increases in technology are the only way to sustained economic growth, often do not understand the importance of property rights. Their lack of understanding will not save the United States from the consequences of its actions.
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