Use the free market and free trade to create jobs

ON THE AGENDA

Will Too Much Debt Fuel A Double-Dip Recession?

Francie Grace
Nov 20, 2009

That was the question raised by President Obama during an interview in China (one of our biggest creditors), as cartoonists seized the opportunity to comment on America's looming national debt. "It is important," said Mr.

Comment Read More

Will a Delay on the Climate Treaty be Time Well-Spent?

Scott Bittle
Nov 16, 2009

World leaders flatly admitted this weekend what everyone pretty much knew: there won't be a major deal on climate change at the big conference in Copenhagen next month. Instead, leaders will try to keep the process going, in hopes of coming up with a deal next year.

Comment Read More

FACING UP TO THE
Nation's Finances

National Debt Clock

Use the free market and free trade to create jobs

PERSPECTIVE IN BRIEF

compare with other perspectives

The free market system is the most effective way to provide jobs and higher wages. Americans believe in rewarding effort, letting people work hard and get rich if they can.Government policy should reflect those values and the first principle should be to stay out of the way of business. Its private industry that creates jobs, not government, and government should encourage business by low taxes, minimal regulation and international free trade. Thats the best way to promote growth, and sustained growth will generate new jobs,higher wages and salaries, and a higher standard of living for most Americans. Yes, there are ups and downs in the economy, and people will lose jobs during recessions, but in the long run we always gain them back.

PERSPECTIVE IN DETAIL

compare with other perspectives

What Should be Done?

Lower taxes, especially on savings and investments. With lower taxes, both businesses and individuals will have a greater incentive to invest in new ideas.

Reduce the budget deficit by cutting spending so government borrows less. That will make more funds available to invest in new or expanding businesses. It will also encourage more people to buy homes or cars to stimulate the economy.

Reduce unnecessary regulations to give businesses more freedom.

Continue the trend toward globalization by expanding free trade pacts like NAFTA.

Arguments For This Approach

The economy does best with minimal government intervention.The free market system consistently provides a higher standard of living than any other method.

Americas free market economy is outperforming foreign economies in which the government plays a broader role. Theres no reason to tamper with a formula thats working well.

Free trade directly benefits American consumers with lower prices and a wider choice of products.

Free trade may mean some jobs move to other countries, but new jobs and new industries will be created at home.

Arguments Against This Approach

This free-trade, free-market approach encourages jobs to move overseas, where people work for less. And that, in turn,forces American workers to accept less if they want to stay employed at all.

This approach favors rich investors and corporations over the interests of average workers.

This looks good on paper, but what about the people who get left behind in the free market? This approach is opening a widening gap between rich and poor in this country.

Cutting taxes, slashing regulations,and cutting down government sounds appealing. But public spending on schools, training programs, and services to children benefit everybody and are necessary if were serious about making equal opportunity a reality.