The wealth of nations has increased by astronomical amounts over the last 2 decades. Literally billions of people have been brought out of poverty thanks to economic freedom. It is as if once the Soviet Union died, once the scourge of international socialism was utterly and completely decimated both economically and intellectually, humanity couldn’t help but lurch forward.
The Berlin Wall “death strip.”
Actually that is what happened.
Sadly we have gone in the opposite direction over the last 2 decades. Instead of freeing our economy we have wrapped it ever more in welfare state red tape. We have regulations on top of regulations on top of regulations. We make it harder for businesses to start. We make it harder for businesses to hire. We promise completely unrealistic pensions to government workers which are paid for by workers and businesses and crush the finances of our great cities. We nationalize car companies. We bail out banks which should be dead. Our government picks winners and losers of all kinds in the economy (and is almost always wrong – at great cost). In short, the United States which for so long was a beacon of liberty and economic freedom has dimmed dramatically. A system of crony capitalism has taken hold. The state (often the corporate state) is ubiquitous.
We must again embrace liberty and economic freedom. This is the way to an American Renaissance. We can again lead the world. We can again be a source of hope to the world.
You know, REAL hope.
(From The Wall Street Journal)
It’s not hard to see why the U.S. is losing ground. Even marginal tax rates exceeding 43% cannot finance runaway government spending, which has caused the national debt to skyrocket. The Obama administration continues to shackle entire sectors of the economy with regulation, including health care, finance and energy. The intervention impedes both personal freedom and national prosperity.
But as the U.S. economy languishes, many countries are leaping ahead, thanks to policies that enhance economic freedom—the same ones that made the U.S. economy the most powerful in the world. Governments in 114 countries have taken steps in the past year to increase the economic freedom of their citizens. Forty-three countries, from every part of the world, have now reached their highest economic freedom ranking in the index’s history.
This post reprinted from Against Crony Capitalism