I can't help see America much like Gulliver in his travels. When he first reached Lilliput he is tied up by hundreds of Lilliputians who are only 6 inches tall.
America
threw-off our four greatest restrictions on commerce in about 1960 when
we finally destroyed in one short period: the hereditary upper class,
our retail price control laws, our extensive barriers to imported goods and our
'white Europeans only' immigration laws.
With those new commercial
freedoms our society was poised to explode with growth. The explosive
growth finally came when Ronald Reagan reduced taxes and government
regulations. Our economy burst it seams when the costs of the Cold War
were dropped significantly by the mid 1990's. Growth was astounding to everyone.
While we have had
more than a decade of astounding
productivity growth too from 1992 to 2005,
we are again in a period of severely restrained growth for the past
four years. Why?
It is the Lilliputians. Steadily,
cumulatively since the first burst of commercial freedom in 1960 the
Lilliputians (often referred to by me as Neanderthal Lefties) have been
putting tiny binders and ropes on our great engine of commerce. Starting a
business means paying a whole array of taxes, penalties and meeting
endless restrictions and barriers. Running a business means dealing
with even more pernicious, daily, bureaucratic obstructions.
The
Lilliputians have us tied down. (I love this graphic.)
The San Francisco Bay Bridge was built
in 3 years in 1935, today half of it is being replaced in 12 years. In
the next blog I will list some of the restrictions we need to remove to promote our commercial exuberance.
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