In the period between 1950 and about 2005, Americans continuously sustained a hefty downpayment on our federal, state, and local governments’ spiraling debt, by upping our productivity, our economic output, and the scope of opportunity for everyone.
Overregulation and implied state ownership of what we produce has been a problem for us since Woodrow Wilson’s terms in office. But until the last half-decade, the American people shouldered and outproduced greater and greater burdens of regulation and/or taxation, costly credit and inflation, and victim politics and litigation. Operating in the conditions of relative economic and political freedom – more than most of the world, if not more than in our own past – the American people were a productivity engine unmatched in the history of man. Spend more? We’ll produce more. Continue reading “Overregulation: The problem we can’t outproduce (with some words from Reagan)”