WSJ Nail it

http://online.wsj.com/article/SB124104689179070747.html

There is a major cultural schism developing in America. But it's not over abortion, same-sex marriage or home schooling, as important as these issues are. The new divide centers on free enterprise -- the principle at the core of American culture.

Despite President Barack Obama's early personal popularity, we can see the beginnings of this schism in the "tea parties" that have sprung up around the country. In these grass-roots protests, hundreds of thousands of ordinary Americans have joined together to make public their opposition to government deficits, unaccountable bureaucratic power, and a sense that the government is too willing to prop up those who engaged in corporate malfeasance and mortgage fraud.

(...)

Still, the tea parties are not based on the cold wonkery of budget data. They are based on an "ethical populism." The protesters are homeowners who didn't walk away from their mortgages, small business owners who don't want corporate welfare and bankers who kept their heads during the frenzy and don't need bailouts. They were the people who were doing the important things right -- and who are now watching elected politicians reward those who did the important things wrong.

Voices in the media, academia, and the government will dismiss this ethical populism as a fringe movement -- maybe even dangerous extremism. In truth, free markets, limited government, and entrepreneurship are still a majoritarian taste. In March 2009, the Pew Research Center asked people if we are better off "in a free market economy even though there may be severe ups and downs from time to time." Fully 70% agreed, versus 20% who disagreed.

Free enterprise is culturally mainstream, for the moment. Asked in a Rasmussen poll conducted this month to choose the better system between capitalism and socialism, 13% of respondents over 40 chose socialism. For those under 30, this percentage rose to 33%. (Republicans were 11 times more likely to prefer capitalism than socialism; Democrats were almost evenly split between the two systems.)

[JG - A little scary, to think that 50% of the people who self-identify as Democrats have so little understanding or respect for the history of this nation, or the history of socialism worldwide, so as to take that position]

The government has been abetting this trend for years by exempting an increasing number of Americans from federal taxation. My colleague Adam Lerrick showed in these pages last year that the percentage of American adults who have no federal income-tax liability will rise to 49% from 40% under Mr. Obama's tax plan. Another 11% will pay less than 5% of their income in federal income taxes and less than $1,000 in total.

(...)

Advocates of free enterprise must learn from the growing grass-roots protests, and make the moral case for freedom and entrepreneurship. They have to declare that it is a moral issue to confiscate more income from the minority simply because the government can. It's also a moral issue to lower the rewards for entrepreneurial success, and to spend what we don't have without regard for our children's future.

[JG - Key issue here. If you believe in free markets, can you articulate the inverse relationship between personal freedom and taxation? If not, back to

http://www.amazon.com/Capitalism-Freedom-Phoenix-Milton-Friedman/dp/0226264017

for a refresher.]

Enterprise defenders also have to define "fairness" as protecting merit and freedom. This is more intuitively appealing to Americans than anything involving forced redistribution. Take public attitudes toward the estate tax, which only a few (who leave estates in the millions of dollars) will ever pay, but which two-thirds of Americans believe is "not fair at all," according to a 2009 Harris poll. Millions of ordinary citizens believe it is unfair for the government to be predatory -- even if the prey are wealthy.

[JG - Well said. It doesn't matter how rich you are, if you earned it leagally, it's YOURS. Period.]

(...)

This is an exhilarating time for proponents of freedom and individual opportunity. The last several years have brought malaise, in which the "conservative" politicians in power paid little more than lip service to free enterprise. Today, as in the late 1970s, we have an administration, Congress and media-academic complex openly working to change American culture in ways that most mainstream Americans will not like. Like the Carter era, this adversity offers the first opportunity in years for true cultural renewal.

[JG - Applause.]

JG
.

Relevant Pages

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  • Re: What will humanity be like in 1 million AD, what can we tell from evolution?
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