Little Enterprise, But Plenty of Free

America’s free enterprise system was built on enterprise. Now, all that’s left is “free.” Not free, as in the freedom to work hard and prosper, but “free,” as in free money, free time, free drugs and free entitlements.

But, of course, there’s no such thing as a free lunch; when something is free for some, others have to pay for it. That would be middle-class taxpayers, of course. And yet they not only allow it to happen, they often encourage it by re-electing the same politicians and voting against real change.FF491_1

Much of the bill won’t go to today’s middle class. It will go to our children. Baby boomers, who are so into nurturing and providing the best for their kids, have stuck them and their grandchildren with a whopping bill.

Quoting Lacy Hunt, an economist with Hoisington Investment, The Wall Street Journal noted that debt in the U.S. now totals more than $69 trillion. It’s more than doubled since 2000, when Fed statisticians recorded the debt as being $30 trillion.

A doubling over more than 16 years may not seem so bad, but the economy hasn’t grown along with the debt. In 2000, debt was 294% of GDP. Today, it’s 370% of GDP. Debt will not improve the quality of life for your children as they grow and try to raise families.

Consider what’s happening.

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The Not-Working Class

In a capitalist country like ours, hard work is supposed to be rewarded and slothfulness is considered one of the seven deadly sins.

So what to make of the “quiet catastrophe,” which George Will describes as follows: “After 88 consecutive months of the economic expansion that began in June 2009, a smaller percentage of American males in the prime working years (ages 25 to 54) are working than were working near the end of the Great Depression in 1940, when the unemployment rate was above 14%. If the labor-force participation rate were as high today as it was as recently as 2000, nearly 10 million more Americans would have jobs.”Working

If even half of those 10 million men were working, the economy would be growing at a faster rate, productivity would increase and consumer spending would be higher. So why are they out of work when the economy is allegedly booming and the unemployment rate has fallen to just 4.8%?

Of the 23 affluent countries in the Organization for Economic Co-operation and Development, the United States ranks 22nd, ahead of only last-place Italy, in 25-to-54 year-old male labor-force participation.

Two plausible explanations exist—and neither one is complimentary to the economic policies of former President Obama or his predecessors.

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