Occasionally, the Internet gives you a gem. This video is the second in a planned series about how economic freedom results in better conditions for everyone. Episode 2 compares 10 countries with the most economic freedom and 10 with the least.
Compared to countries with more regulation and more economic paternalism, countries with greater economic freedom have the following bright points. Freer nations sport populations with 20 more years in life expectancy and the poorest 10% earn eight times more than those in more closed economies.
The United States has enjoyed great success as an economically free nation. However with more government intervention in our economic affairs, the US is falling in economic freedom and the consequences were perfectly illustrated in the video. Imagine a fishing boat (representing private enterprise) cruising in the ocean when a large wave (representing government regulation and spending) approaches. Private businesses must climb the wave to avoid sinking and that climb slows their progress. We’re seeing the mountains of paperwork and compliance costs washing over small and large businesses. What are we going to do about it?
We can start with cutting spending -- the heart of our financial disarray. NTUF maintains a spreadsheet of all scored savings proposals. This is just the start of what we can cut and how we can do things differently. Next, figure out long-term entitlement reform of Social Security, Medicare, Medicaid, federal retirement systems, and state and local pensions. The video displayed a 1000% of the private economy worth of promised obligations US governments have made. And it is just going to get worse. Third, regulations are cutting down progress. It’s about time the US advances to the 21st century with simplified and realistic regulations. If the US continues on the path of more regulation, more spending, and less economic freedom, entrepreneurship will fall and we will no longer be the economic superpower.
You can check out the first Economic Freedom video here.