In the U.S., our philosophy of prosperity is relatively straightforward. Here it is broken down:
- Everyone's financial security relies on an abundance of resources.
- This abundance depends on hardworking and efficient production.
- High-energy, willing, and enthusiastic workers drive this production.
- But people need a reason to work hard — they need an incentive.
- The most effective incentive for most people is the freedom to enjoy the results of their hard work, often referred to as the 'profit motive.' It's simply the right to plan, earn, and relish the benefits of your labor.
- However, as government controls, regulations, and taxes increase, they can curb this profit motive by denying people the total rewards of their success.
- Consequently, any government intervention aimed at redistributing the fruits of labor can ultimately erode society's productive base. Without this base, true abundance and security become unattainable for anyone beyond the ruling elite.
So, less government intervention, more freedom to enjoy the results of our labor, and respect for the productive base of society seem to be the secret ingredients to America's recipe for prosperity.
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