The reason the US has been the top economic power house is because of inovation, education and capital. The biggest threat to the future of the american economy is the problem of a negative national savings! Capital investment and savings was a major key to our growth. Capital is a major component of income. A seperate major issue is the level of regulation on saftey, output, polution, labor laws... these are all great things but at some point we need to realize that these laws add costs to the base of our cost structures and make us less competative in a global market. The final problem is an unjust and inefficient tax system that punishes good decisions and forces poor choices. If we don't change these fundamental short comings can we keep our spot at the top of the global economy? What will happen if we lose that place while sitting trillions in debt to foreign nation
ArchivesJune 2010 Ludwig von Mises: 'Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household. He is fully confident that this trend will prevail also in the future. He simply calls it the American way of life and does not give serious thought to the question of what made this continuous improvement in the supply of material goods possible.' - Economic Freedom and Interventionism  |
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