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Politics : President Barack Obama
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To: koan who wrote (136399)8/28/2013 5:41:24 PM
From: RetiredNow  Read Replies (2) of 149317
 
Why do the world's entrepreneurs still flock to the US? Is it because they want to give all their ideas away for free? Or is it because we provide a relatively free market and level playing field with strong intellectual and real property rights, which enables the opportunity for tremendous rewards for hard work and ingenuity?

Marxism failed in the Soviet Union and in Cuba and it has failed everywhere it has been tried. When people are not rewarded for their ideas and hard work, then there is no incentive for them to rise above the average. This is human nature 101. In regulated, free markets, the incentives to rise above are huge. So you have the right incentives, combined with the optimal allocation of scarce resources to the best ideas through supply and demand from millions of market participants. That is what makes for optimal economic growth.

A cabal of 10-12 bankers planning our economy and setting macro prices, such as the base interest rate and the price of money, will always be inferior to millions of decision makers seeking the highest ROI for their investments. The only thing they will be superior in is ensuring they and their banker constituents gain the most rewards from the disproportionate power they wield. This is how history has always played out when a few are entrusted with the wealth of the nation. They enrich themselves and their friends and squander the rest, just as is happening now.

Equality does not mean we cut the head off the guy who is too tall. Equality means we accept that everyone has different skillsets and ability and we create a framework that enables everyone to achieve as much as they want and are able to achieve. Freedom means the freedom to succeed and the freedom to fail. No country, no matter how wealthy, can guarantee success for everyone. Not once in history has this economic goal been achieved.
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