Filed under: Bureaucracy, Capitalism, Domestic Policy, Economics, Economy, Freedom, History, Regulation, Socialism, The United States, Unemployment | Tags: American Enterprise Institute, Economist Mark Perry, James Pethokoukis
“—The American economy hasn’t managed a single year of even 3% growth since 2005. From the end of World War II through 2005, the economy grew at an average annual rate of 3.5%. Three percent growth+ has been what’s normal. “
Welcome to the new normal. The economy hasn’t managed a single year of even 3% growth since 2005. A lost decade, at least by American standards. (We’re not Japan, after all.) The rundown: Real GDP growth for 2015 was 2.4%; 2014: 2.4%; 2013: 2.4%; 2012: 2.4%; 2013: 1.5%; 2012: 2.2%, 2011: 1.6%; 2010: 2.5%; 2009: – 2.8%; 2008: – 0.3%; 2007: 1.8%.
Why Socialism Always Fails: Mark Perry
“Socialism is the Big Lie of the twentieth century. While it promised prosperity, equality, and security, it delivered poverty, misery, and tyranny. Equality was achieved only in the sense that everyone was equal in his or her misery. …
A pyramid scheme is ultimately unsustainable because it is based on faulty principles. Likewise, collectivism is unsustainable in the long run because it is a flawed theory. Socialism does not work because it is not consistent with fundamental principles of human behavior. The failure of socialism in countries around the world can be traced to one critical defect: it is a system that ignores incentives. …
By their failure to foster, promote, and nurture the potential of their people through incentive-enhancing institutions, centrally planned economies deprive the human spirit of full development. Socialism fails because it kills and destroys the human spirit–just ask the people leaving Cuba in homemade rafts and boats [and those waiting in long lines today in Venezuela struggling, and often failing, to buy food].
The temptress of socialism is constantly luring us with the offer: “give up a little of your freedom and I will give you a little more security.” As the experience of this century has demonstrated, the bargain is tempting but never pays off. We end up losing both our freedom and our security.”
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