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I remember when it felt like it was morning in America. The possibilities seemed endless and the country was filled with optimism. Today the opposite is true.
If we are to pass on the American Dream to future generations, we must return to the formula that has always made America prosperous: respect for freedom and dedication to the common good.
To succeed, people need the freedom to pursue their dreams in business, government, and policy. As we began our careers, one in medicine and the other in business, we benefited from new freedoms in how people thought about the role of government.
Ben Carson and John Schnatter have met with young people and helped train America’s future leaders for careers in public service.
After decades of high taxes, onerous regulations, and steady increases in government spending, government power only makes our problems worse, and Americans need the freedom to pursue their passions. Leaders who understood this suddenly appeared in Washington.
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President Ronald Reagan’s solution to the “stagflation” of the 1970s was to cut taxes to allow people to keep more of their income and incentivize them to be more productive. In 1981, the Economic Recovery Tax Act reduced income tax rates across the board, and the capital gains tax rate was also reduced from 28% to 20%.
Under the Reagan administration, tax rates fell to their lowest levels since the Roaring Twenties, but the result was similar. Real GDP growth remained at historically high levels throughout the decade, soaring to 7.2% in 1982.
Unfortunately, taxes are now going up as the Trump tax cuts expire. The income tax rate cut would last until 2025 and could be extended by Congress, but other tax breaks, such as the Opportunity Zone tax credit, have already been phased out.
We know where this path leads. During the Obama-Biden administration, which was characterized by higher taxes and tougher regulations, GDP growth averaged 1.62%. Last year’s GDP growth rate was only 1.9%.
Remember President Ronald Reagan’s nine most dangerous words in the English language: “I’m from the government and I’m here to help.” Government regulation also plays a large role in our economy. Regulation acts like a hidden tax, making it difficult for businesses, especially small businesses, to grow (or stay open).
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President Reagan understood responsible regulation to mean balancing the interests of all stakeholders, including business owners and their employees.
One of Reagan’s first major actions after taking office was to apply cost-benefit analysis to federal regulations, saving the nation more than $10 billion annually. At the time, the president could still shock the nation by using the “b” word for $1 billion. . ”
Today we’re going in the opposite direction.In Joe Biden’s first two years in office, his administration added an estimated $1.2 Trillion – with a “t” – regulatory costs.
Papa John’s would not have been as successful without the tax cuts and deregulation of the Reagan era. Other companies with the same potential that Papa John’s had in the early ’80s are struggling to survive today under the high taxes and burdensome regulations imposed by the federal government. How many are there?
For that matter, how many young people are struggling to establish themselves in life? high housing prices These are not only inconvenient for young people, but also raise the bar for aspiring entrepreneurs to the point where many people don’t even dream of opening a small business.
Homes are currently unaffordable for the average American in 99% of the United States
In the 1980s, housing prices were relatively affordable, even though high interest rates were necessary to combat the persistent inflation caused by the Keynesian excesses of previous decades. Low interest rates and economic growth caused home prices to soar in the 1990s and early 2000s, creating a housing bubble whose burst began the Great Recession.
During the Trump administration, the Department of Housing and Urban Development was successful in keeping housing prices stable, allowing people to plan for the long term and pursue the American Dream with greater peace of mind.
We’ve spoken with college students across the country and found that despite our country’s economic challenges, their enthusiasm for America remains unquenchable. Young people want to succeed, but know they face an uphill battle.
Many of the students we speak to want to help their country through public service. That’s why the American Cornerstone Institute has launched a major effort to provide aspiring public servants with the training, guidance, and encouragement they need to realize their dreams.
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Our hope is that these patriots will usher in a new dawn for America, nudging the federal government in a more freedom-respecting direction and, in turn, reinvigorating America’s entrepreneurial spirit.
But before that happens, we must once again look at public policy through the lens of freedom. A rich country is one that gives its citizens the freedom to work, save, invest, and spend money as freely as possible.
That means making the Trump tax cuts permanent and fully reinstating Opportunity Zones and other tax credits. It also means keeping regulators tightly bound and ensuring that any new regulations are fully justified, while closely monitoring opportunities to eliminate regulations that are no longer needed or needed.
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At the same time, there is a need to sharply reduce government spending to combat inflation and pursue an all-the-above energy strategy that becomes cheaper to foster future economic growth, since fossil fuels are necessary for human flourishing. there is.
There may be another American morning, and the American dream can survive, but only if our government returns to its founding ideals of respect for freedom and dedication to the common good.
Click here to read more about Dr.ben carson
Click here to read more about John Schnatter
John Schnatter is the founder and former Chairman and CEO of Papa John’s International.
