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September 26, 2011

Europe's Failure Demands Europe Choose A Different Path, And That We Stop Following Their Example In America

Greece will probably default. According to SkyNews, the G20 is preparing for a default in October.

At Hot Air's Green Room, J.E. Dyer goes looking for lessons amid the wreckage.

Today, America and Europe are drifting on a sea of resources idled artificially by government policy. To begin with, we have a combined population that is less well-educated than its ancestors. That is a huge idled resource. The same population operates increasingly on a mental attitude of entitlement and resentment, and that idles it further. Both of these conditions were created by the implementation of the European idea in the public schools. Our people Ė the ones walking around right now Ė would be much more productive without these handicaps.

To me, this is the most important idled resource, but it cannot be unleashed without removing the clamps of regulation and taxation. Regulation has taken the place of taxation as the worst imposition on our daily economic life. It is a silent, mostly invisible killer. I would like to see the American capital gains tax rolled back, but itís not our capital gains tax that is destroying our economy, itís regulation.

Donít forget the words idled resources. Iím not talking here solely about capital available for investment, although Iím talking about that too. Iím talking about how much more you could accomplish, and how much more you could save and buy (with cash), if the government didnít keep driving up your basic costs (and, indeed, the cost of everything else) with regulation, while diverting 30-60% of what youíre worth to your employer in the form of taxes, mandated benefits, and ďsocial investment.Ē

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posted by Ace at 01:44 PM

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