For decades, America’s free-market system was the envy of the world. It demolished Communism in Russia, forced China to open its markets to thrive, and has been the barometer against which international organizations like The World Bank measure the free market’s success in developing nations.
However, America’s status as the world economic leader is at risk. Contrary to popular rumor, it’s nothing as insidious as Europe’s preference for social welfare programs, or China’s controlled economy. No, the most insidious threat to America’s free market system may be the utter chaos that’s caused by Congress choosing to put politics over what’s best for small businesses, consumers, and investors.
An obvious threat to the free market is bureaucratic interventionism which typically comes in the form of red tape and high taxes. Traditional interventionism drives companies overseas, stifles innovation, and limits free competitive entry into the market for would-be entrepreneurs. In the wake of the pandemic and the government-induced economic shutdown, Congress has taken interventionism to a new level. Multiple stimulus “relief” bills and grinding the economy to a halt have resulted in global supply chain disruptions, inflation, and shortages across America. Despite the glaring failure of interventionism, the bureaucrats have never been more confident.
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