Mitt Romney Delivers Remarks in Chicago: "The Freedom to Dream" Milton Friedman knew what President Obama still has not learned,even after three years and hundreds of billions of dollars in spending: Government does not create prosperity;free markets and free.....
earth? Many features come to mind: our work ethic, our appreciation for education, our willingness to take risk, our commitment to honor and oath, our family orientation, our devotion to a purpose greater than ourselves, our patriotism.
But one feature of our culture that propels the American economy stands out: freedom.
The American economy is fueled by freedom.
Free people and their free enterprises are what drive our economic vitality.
The Founding Fathers wrote that we are endowed by our Creator with the freedom to pursue happiness. In America, we would have economic freedom, just as we would have political and religious freedom. Here, we would not be limited by the circumstance of birth nor directed by the supposedly informed hand of government. We would be free to pursue happiness as we wish.
The Founders were convinced that millions of people, all freely choosing their individual occupations and enterprises, all pursuing their individual dreams, would produce great prosperity. And, they were right.
Economic freedom is the only force that has consistently succeeded in lifting people out of poverty. It is the only principle that has ever created sustained prosperity. It is why our economy rose to rival those of the world’s leading powers – and has long since surpassed them all.
Today, however, our status and our standing are in peril because the source of our economic strength is threatened. Over the last several decades, and particularly over the last three years, Washington has increasingly encroached upon our freedom. The Obama administration’s assault on our economic freedom is the principal reason why the recovery has been so tepid – why it couldn’t meet their projections, let alone our expectations. If we don’t change course now, this assault on freedom could damage our economy and the well-being of American families for decades to come.
We see this attack on our freedom in every corner of the economy.
Let’s start with taxes. By their very nature, they reduce our freedom. Their only role in a free economy should be to fund services that are absolutely essential, such as national security, education, and the care of those who cannot care for themselves.
And, yet, President Obama has proposed raising the marginal tax rate from 35% to 40%. He has proposed special breaks for his favorite industries, further increases for businesses he dislikes, and endless credits and subsidies intended to shape our behavior in this society. Think for a moment about what that does to the freedom to start a business or grow an enterprise.
Last week, I spoke with an entrepreneur in St. Louis. He and his son make amplifiers for electric guitars, but they recently had to lay off their other two employees. He said that, by his calculation, government takes 65% of what his business earns. President Obama wants to take even more.
If you invest your savings in a new business and are one of the fortunate few who see success – and make a profit – President Obama wants