America Through the Years

                       Historian John Gordon on economic values. 

What enabled American economic flourishing?

     Simply freedom. People were free to take risks. 

America has been lucky?

     We're blessed with incredible geography. We front both the Atlantic and the Pacific. In 1940 the U.S. Army was smaller than the army of Belgium. 

How is the U.S. a different kind of world power? 

     We are the most powerful country because of wealth we created. We didn't take it. 

What else made us unique?

     Here, fortunes quickly get dispersed. None of the families of the Gilded Age are on the Forbes 400 list today.

The Wealth of Nations. Why is that important? 

     When power is distributed under the rule of law, you can create much more wealth. Individuals can do more creative things with wealth than governments can. 

What do people miss about economic history?

      The Bernie Sanders of this world seem to think if somebody gets richer then somebody else has to get poorer. Who is poorer because Jeff Bezos is so immensely rich? The whole country is much richer thanks to his bright ideas.

What concerns you about the U.S. economy today?

     The size of the national debt. In 1974, Congress passed the Congressional Budget and Impoundment Control Act. The debt immediately began to spiral out of control. The money has been spent on getting senators and congressmen reelected. 

What makes you hopeful?

     I'm an optimist by nature. I'm not a very religious person, but the U.S. does indeed seem to have someone watching over us. 

                                                #