Where the USA’s economic success come from?
May 5, 2013 by Dan Mitchell
I’ve written before about the remarkable vitality of Hong Kong and Singapore, two jurisdictions that deserve praise for small government and free markets.
Pretending to be a jet-setter in Monaco
I have also praised Switzerland because of policies such as genuine federalism and financial privacy, and it goes without saying that I admire tax havens such asBermuda, Monaco, and the Cayman Islands
I’m a big fan of Estonia, which has made big strides thanks to the flat tax and other free market reforms.
Australia also is one of my favorite nations, in part because of its privatized Social Security system.
Even Canada and Sweden have earned my praise for recent economic reforms.
But here’s a video, produced by the folks at The Fund for American Studies, that identifies an even more impressive economic miracle.
http://www.TFAS.org/HowNationsSucceed Find out how one nation rose from poverty to unprecedented wealth in just a few generations in this eye-opening web video from The Fund for American Studies. The video raises the question: Will the United States continue to progress and innovate, or will big government stifle economic growth and innovation? Narrated by economist Michael Cox, the video comes during a time of economic uncertainty and calls on viewers like you to decide which path is best for the country.
______________
I did guess the country in the video, but only a few seconds before the narrator spilled the beans. My excuse is that I watched early on Sunday morning, when civilized people should still be asleep.
But allow me to atone for my slowness by adding a very important point about growth. The country in the video became successful because it enjoyed a very long period of decent growth. But that has recently changed for the worse.
And things got worse when statists were in power, as even the Washington Post has acknowledged.
The lesson to be learned is that even small differences in growthcan make a big difference over time.
By some measures, Hong Kong and Singapore are now richer than the United States. The simple reason is that those jurisdictions have been enjoying 5 percent-plus growth for decades while the United States economy has struggled to achieve 3 percent growth.
Then again, the United States is more prosperous than most European nations, though that may be an example of damning with faint praise.
Related posts:
Dan Mitchell explains what happened in Cyprus. What Really Happened in Cyprus? April 14, 2013 by Dan Mitchell Did Cyprus become an economic basket case because it is a tax haven, as some leftists have implied? Did it get in trouble because the government overspent, which I have suggested? The answers to those questions are […]
Some very good points by Dan Mitchell of the Cato Institute on Obamacare: Why We Should Be Optimistic about Repealing Obamacare and Fixing the Healthcare System April 10, 2013 by Dan Mitchell I’m going to make an assertion that seems utterly absurd. The enactment of Obamacare may have been good news. Before sending a team of medical […]
I have put up lots of cartoons from Dan Mitchell’s blog before and they have got lots of hits before. Many of them have dealt with the economy, eternal unemployment benefits, socialism, Greece, welfare state or on gun control. I’ve Obtained a Secret Pre-Release Copy of Obama’s Budget April 9, 2013 by Dan Mitchell The President is supposed to release […]
Very well said by Dan Mitchell. A Tribute to Margaret Thatcher April 8, 2013 by Dan Mitchell The woman who saved the United Kingdom has died. A Great Woman I got to meet Margaret Thatcher a couple of times and felt lucky each time that I was in the presence of someone who put her nation’s […]
I like Milton Friedman’s comments on this issue of immigration and Ron Paul and Dan Mitchell do well on the issue too. Question of the Week: What’s Your Take on the Immigration Debate? April 7, 2013 by Dan Mitchell A reader from overseas wonders about my views on immigration, particularly amnesty. I confess that this is one of […]
We should lower federal taxes because jobs are going to states like Texas that have low taxes. What Can We Learn by Comparing the Employment Situation in Texas vs. California? April 3, 2013 by Dan Mitchell One of the great things about federalism, above and beyond the fact that it both constrains the power of governments […]
Third-Party Payer is the Biggest Economic Problem With America’s Health Care System Published on Jul 10, 2012 This mini-documentary from the Center for Freedom and Prosperity Foundation explains that “third-party payer” is the main problem with America’s health care system. This is why undoing Obamacare, while desirable, is just a small first step if we […]
I have put up lots of cartoons from Dan Mitchell’s blog before and they have got lots of hits before. Many of them have dealt with the economy, eternal unemployment benefits, socialism, Greece, welfare state or on gun control. The funniest cartoon is the one with “Nurse Sebelius” stuffing the huge capsule down the kid’s throat!!! Obamacare […]
I have put up lots of cartoons from Dan Mitchell’s blog before and they have got lots of hits before. Many of them have dealt with the sequester, economy, eternal unemployment benefits, socialism, minimum wage laws, tax increases, social security, high taxes in California, Obamacare, Greece, welfare state or on gun control. President Obama’s favorite state must be California because […]
You want a suggestion on how to cut the government then start at HUD. I would prefer to eliminate all of it. Here are Dan Mitchell’s thoughts below: Sequestration’s Impact on HUD: Just 358 More Days and Mission Accomplished March 12, 2013 by Dan Mitchell As part of my “Question of the Week” series, I had […]
The Daily Hatch 