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Trivia Tidbit Of The Day: Part 283 -- Economic Downtime.

America's Got It Good-

One of the criticisms of America, with its relatively free markets, is that sure, the U.S. has a large economy that grows more rapidly than most other first world countries, but painful economic instability is the result. Cowboy capitalism, we're told, reigns in the United States. The good times are offset by the bad. Socialism, although you get slower economic growth, smooths out those ups and downs, we're told.

Well, since 1983, the United States has had fewer recessions and less economic downtime than every other major post-industrial country (.pdf):

Most Democrats and a few Lincoln Chafee type Republicans want to make the United States more like Old Europe, economically. Higher taxes, heavier labor laws, larger government scope. All the basic Marxist orthodoxy about fairness and justice.

The rest of us want America to become more American and do what has made us the greatest economic force the world has ever seen. America's engines of commerce are powerful. We should let them be powerful, and leave the "economic justice" to those in Old Europe who desire mediocrity and recession.

The U.S. economy is the strongest, most stable economy, relative to the others listed above, because it is the most free, relative to the others listed above. We're great because of, not in spite of, our relative economic liberty. Let's not mess that up. Please.

Source:
The Dallas Fed (.pdf).

Previous Trivia Tidbit: State Tax Revenue Way Up.

Posted by Will Franklin · 1 March 2006 09:30 AM

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