I’ve written at length about what I see as the biggest need in the United States today: renewing limited government. Why? Because the strength and prosperity of free people throughout the world depends on limited government in the U.S. The more government grows, the more the economy shrinks, taking down with it the freedom, prosperity, and strength of all free nations.
As we’ve seen dramatically played-out on the global economic stage these past few years, big-government socialism does not work. The United Kingdom’s iconic former prime minister, Maggie Thatcher, once famously pointed out that the trouble with socialism is that, eventually, you run out of other peoples’ money. Unfortunately, for the past twenty-plus years (with great acceleration in the past three), the U.S. federal government has been operating as though that were not so… when they know Maggie was right.
When Europe consolidated and its member nations accelerated the growth of their big-government socialist states, they set their feet on a path of unavoidable disaster. The struggling economies in places like Greece and Spain, figuring their losses would be covered by the European Central Bank and the union’s stronger economies, spent heavily on entitlements and “green jobs” boondoggles. Sound familiar? The collapse of those economies, and the accompanying street violence, should be dramatic teaching moments that drive home the venerable Ms. Thatcher’s lesson.
George W. Bush was roundly criticized for rolling up more U.S. government debt than all previous presidents combined. However, Barack Obama has left him in the dust, debt-wise, making Bush just one more president in the long line of previous presidents, all of whom put together did not manage the enormous spending spree that has characterized Obama’s administration.
And how has that worked out? The U.S. economy is now on life support itself, and can no longer effectively bail out the socialist governments overseas. As America falls deeper into the trap of its own making, and begins “printing” more and more money to pretend to cover its (and the world’s) shortfalls, the trouble will accelerate. Experts say a global crash is on the way, and that things will get much worse before they get better. If you haven’t yet taken measures to protect your income and wealth – starting a business, investing in precious metals, getting smart about the global conspiracy against private wealth – the time is now.
It’s also now time, urgently, to renew limited government in America. The nation’s founders would’ve been dismayed at the rampant growth of the federal government after this past century-plus of “progressive” statism. As Maggie Thatcher’s contemporary, Ronald Reagan, said, government is not the solution to our problem – government IS the problem. The good news is that we will eventually find our way back to strength and prosperity, but that will only happen after we do the only thing that will really make the economy grow: shrink the government.
Limit the legislators to finite terms and to concise bills that require them to debate and vote on every fifty-or-so pages. Limit the amount of money the government can tax out of the economy, the amount it can spend, and the amount it can borrow… tie those limits to the growth and strength of the private sector. Limit bureaucracies in terms of how many government workers they can hire, and how many pages of regulation they can enact to boat-anchor the economy.
Even in what I call the semi-private sector, where institutions have grown up to do the government’s bidding without standing for election, limits are needed. Limit the lawyers: no more ridiculous big-money punitive damage settlements. Limit the unions: link to their companies’ profit margin the amount of money they can collect, and the amount they can use to “buy” politicians and legislation. Limit the academic “statist factory:” make professors re-apply for tenure every five or six years. And limit the Federal Reserve: audit this non-federal non-reserve, often, and force it to link the currency once again to precious metals so inflation does not ruin the nation.
The Founders believed that government is best which governs least… and they were right. Small government is better than big government… because only when the power truly rests with the free people are strength and prosperity truly possible. “Wealth,” in a socialist or collectivist society, is consolidated into the hands of the powerful central government. Any wealth left to the private citizenry is always an illusion.
The Smaller The Government, The Bigger The Economy
by Michael D. Hume, M.S.