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What was once written off as ramblings from a mammon-obsessed focus group is now being embraced by politicians, business leaders and citizens in general. We should be ever-thankful that Reaganomics, Arthur Laffer's Curve and Supply Side theory have been nailed in place as the true blueprint for the most stable engine of growth and economic development since the early 30s.
The self-interest driving Democratic Capitalism is profoundly different from greed, which ignores the needs of others and is the opposite of what succeeds in a Free Market. Government actions intended to help people often sets the stage for greater hardship down the road. Free markets encourage less corruption while governmental control produces MORE. The biggest economic catastrophes result not from unfettered capitalism but from interventions by government.
Layoffs . . . are moral. The alternative, not laying off people, would mean more companies going under. The result would be fewer jobs, longer downturns and less prosperity.
Most people rebound relatively quickly from job loss. Even in a recession, jobs are not only destroyed but created. Even in the worst recessions, jobs are being created as well as lost. Time between jobs increased in 2009 because of government interventions hobbling the force of the economy. In the 1980-82 recession, time between jobs decreased because of Reagan’s pro-growth tax cuts.
And for those who think living like our European and Scandanavian counterparts is the better solution, let me assure you that NOTHING can be further from the truth. Citizens of Nordic countries, like those in other European nations, pay a high price in the form of higher taxes for their social protections, and have a lower standard of living than most Americans. All groups of people in the US have gotten relatively richer compared to other third world and socialist nations.
CEO pay reflects the scarcity of the highest level of management talent. CEOs deliver enormous benefit to their companies. Also, the rich do not get rich at the expense of the poor. They got that way because they work far harder than the average individual and it's morally repellent to tax them any more than they're already being taxed, since they EARNED that money.
The vast majority of jobs – some 70% - of the economy is composed of services such as retail, restaurants, hotels, personal care; services spanning very broad wage and value ranges that cannot be offshored and are produced locally. And while offshore outsourcing may destroy some jobs, it ultimately results in more creation than destruction.
Make no mistake about it: Fair Trade is Protectionism Lite. NAFTA has created a vibrant North American Free Trade zone that has increased jobs and opportunities not only for the US, but in Canada and Mexico as well.
Thank you Messers Reagan, Friedman, Hayek and Greenspan for helping us see the light. Further thanks goes to both parties who authored and enacted our great Free Trade agreements, continuing solid economic growth and progressive job creation.
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