Occasionally, the Internet gives you a gem. This video isthe second in a planned series about how economic freedom results in betterconditions for everyone. Episode 2 compares 10 countries with the most economicfreedom and 10 with the least.
Compared to countries with more regulation and more economicpaternalism, countries with greater economic freedom have the following brightpoints. Freer nations sport populations with 20 more years in life expectancyand the poorest 10% earn eight times more than those in more closed economies.
The United States has enjoyed great success as aneconomically free nation. However with more government intervention in oureconomic affairs, the US is falling in economic freedom and the consequences wereperfectly illustrated in the video. Imagine a fishing boat (representingprivate enterprise) cruising in the ocean when a large wave (representinggovernment regulation and spending) approaches. Private businesses must climbthe wave to avoid sinking and that climb slows their progress. We’re seeing themountains of paperwork and compliance costs washing over small and largebusinesses. What are we going to do about it?
We can start with cutting spending -- the heart of ourfinancial 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 thingsdifferently. Next, figure out long-term entitlement reform of Social Security, Medicare,Medicaid, federal retirement systems, and state and local pensions. The videodisplayed a 1000% of the private economy worth of promised obligations USgovernments have made. And it is just going to get worse. Third, regulationsare cutting down progress. It’s about time the US advances to the 21stcentury with simplified and realistic regulations. If the US continues on thepath 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.