Right now, every American taxpayer owes $129,630 as their share of the national debt. By the time you read this, it’ll probably be higher. (I don’t know about you, but I need to ask for a raise.)
We’re suffering from unemployment over 9%, a government that wants to keep spending and spending and spending, and an out-of-control debt teetering on the edge of the debt ceiling. A recent Gallup poll shows 78% of Americans are dissatisfied and believe that America is headed on the wrong track. If you’re like me, you get jaded pretty easily by the seemingly futile battles conservatives fight for what should be simple common sense. But it’s important to step back, take a breather, and remember that we can turn this country around.
How? Flash back to 1776.
Not only was this great country created in that year, Adam Smith’s Wealth of Nations was published. Though the American government as we know it now didn’t come into being for several years, the founders recognized that a responsible government that respected its citizens – and their money – is the key to prosperity. Liberty, both political and economic, was the backbone of our fledgling nation and remains the crux of the American Dream.
“We can learn what to do by studying the alternating periods in American history when careful attention was paid to these principles and when they were recklessly neglected,” says John B. Taylor, an economics professor at Stanford University. Increased spending and interventionist government policies like the ones the Obama administration is championing now, harm, not help, and create “an epidemic of unwanted consequences.” (New Deal, anyone? Stimulus package?) As John Adams said, “All the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulation.”
Times of economic stability and prosperity have historically corresponded with low regulation, low taxes, and low government spending. Similarly, states with conservative legislatures have the most robust economies. My home state of Texas, for example, is by far the top job creator in the nation and thriving remarkably despite the recession.
While there has always been a wide range of views and philosophies in America – and that’s what it’s all about – conservative fiscal values have long held this country together, from the Revolution to Reagan and now to the emergence of the tea parties. Taylor explains:
In the past three years Washington doubled down on the interventionist approach, and deficits and debt have exploded. With high unemployment and fears of a secular American decline, there is now an urgent need to get back to the principles of political and economic freedom put forth in the Declaration of Independence and in the Wealth of Nations. The good news is that it’s not too late.
Though we may be frustrated right now, we’re still proud of our heritage, and that’s important to hold on to. We are tired of reckless spending, of petty partisan feuds, of being ignored. We can turn the economy around – by instating policies of fiscal responsibility and accountability, by returning to our country’s founding principles. The founding spirit has reawakened in the hearts and minds of the people. And we will not be silenced any longer.
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Comments
Real hope for the right change. Thanks, Katie.
Add this to the Prof’s Post of the Day “The rant heard ’round the world” and experience the feeling of Patriotism……
Thanks Katie.
Katie Thompson: Similarly, states with conservative legislatures have the most robust economies.
Actually, the blue states have generally higher per capita income than red states, while red states receive more in federal spending than they pay in.
So move to CA, TX IL, NY. Each is a “blue” state whose economy is tanking.
Obvious typo. Not TX. Definitely a red state, leading the nation in economic recovery.
Only if federal spending is defined as upkeep of federally owned land, hosting military bases, etc.
We won’t even go into what is stolen from us through regulations that prevent us from opening factories, drilling for oil, etc.
As usual, Copperheads lie.
@Zachriel
You cannot look at per capita income in isolation as a proxy for economic health without also considering cost of living, and other indicators. States with the lowest cost of living as of 4Q 2010: Kentucky, Tennessee, Oklahoma, Arkansas, Texas, Nebraska, Kansas, Missouri, Georgia and Mississippi.
And beyond ranking, you need to look at where incomes are growing: Between 1970 and 2010, per capita income growth in the Red States was up 2.0% per year, compared to 1.8% per year in Blue States.
Regarding federal spending, in FY 2010 per capita federal spending in Washington, D.C., New York and Massachusetts, was far above the national average, and far above per capita federal spending in Texas, for example, which ranked 39th.
Of course, federal spending numbers can appear distorted based on the presence of military and government installations, and disaster relief, etc. And they vary year to year.
Based on FY2005 data, Texas received just $0.94 in federal funding for every federal tax dollar its citizens contributed. That number is likely higher for FY2010, as it is for most states, because of ARRA funds. More than half of the federal funds received by Texas are to administer federal programs like Medicaid and the Children’s Health Insurance Program. But many states, like Texas, are recognizing that federal funding actually has a negative impact on the state’s economy. Read more here: http://bit.ly/9AktDI
@Zachriel – and your point is? Katie said the conservative states have the most robust economies, meaning, the economies are tending to grow. You might find this interesting (look at the bottom 5 states): http://chiefexecutive.net/best-worst-states-for-business
DougV: Katie said the conservative states have the most robust economies, meaning, the economies are tending to grow.
So, China is economically “more robust,” even though most of its people live in poverty.
publiuspen: Regarding federal spending, in FY 2010 per capita federal spending in Washington, D.C., New York and Massachusetts, was far above the national average, and far above per capita federal spending in Texas, for example, which ranked 39th.
The question concerned the *net* per capita.
http://i307.photobucket.com/albums/nn312/Paul_H_Rosenberg/Post-Jan-2010/Fedspending2000-BushMarginChart.jpg
Lacy, Why do Red States Vote Republican While Blue States Pay the Bills? Federal Spending and Electoral Votes, APSA 2009.
Can I “buy in” my current indebtedness in return for a promise not to borrow any more money on my behalf and a tax reduction equal to the full amount of interest and principal foregone over the balance of my life?