We look at other countries and think they are doing well, so we emulate them. Guess what, they aren’t doing so well. We copy policies of countries with marginal results, and we get marginal results. Why are we surprised?
Some recent legislative proposals are for us to pick winners in a form of crony capitalism, subsidize companies or foster programs to get desired results. That doesn’t work and it is an unfair benefit to selected companies.
Here’s a novel idea, let’s look at what we did in the past that worked well, and copy that. That will be revolutionary to our politicians, but it might just work.
So, what has worked in the past, you might ask? It is quite complex:
LEAVE BUSINESS ALONE!
The government needs to get out of the way - if there is demand for a product, the private sector will figure it out and produce it. And while they are at it, quit putting roadblocks in the way. Overregulation is killing us and making it hard and costly for businesses to get things done. Reasonable rules and regulations are fine, but our unelected bureaucracy seems to run wild with their authority.
President Carter is a great example of deregulation. He was committed to it and did it quite successfully in the transportation industry, leading to some great results. See this informative article by Dan Mitchell on his successes.
Conversely, the current administration is going the opposite direction, regulation to the extreme, and it is costing everyone dearly, it is a hidden form of inflation. See this analysis to understand this and look at the number of pages in the Federal Register of regulations - mind boggling.
This country has done best when the government was limited, taxes were low, and we stayed within a real budget. Can we try that again just to see if it still works?
Quit setting ourselves on fire - let business do its thing.
A free enterprise/market economy works just fine, it did in the past and it will in the future.
So let it be!
LEARN ECONOMICS, THEN VOTE SMART