The popular view notwithstanding, we are not in inexorable economic decline.
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Second, a vibrant economy is at odds with a totalitarian political system. A vibrant economy needs markets, which need freedom, which creates personal wealth, which creates a shift in power from government to individuals and businesses. By accommodating the economy, the Chinese Communist Party knows that it is riding the back of a tiger and that conflict is inevitable. For China truly to become a dominant economic power, freedom will need to win out. It very well may do so, but it will take decades and great societal upheaval. The Communist overlords will not give up without a fight. In the meantime, the consequences of the Chinese Communists’ success in constraining their people’s fertility rates will play out. The UN estimates that by 2050, the percent of China’s population above 60 years old will triple, to 31%. Meanwhile, the Chinese workforce-age population (15-59) will decrease by 3%. These are the demographics of economic disaster. Indeed, as Mark Steyn has reported in America Alone, the United States is the only major economy that is sustaining its population with a fertility rate at or about 2.1 children per couple. In Japan the rate is 1.32; the EU average stands at 1.38. So the United States seems destined to remain the world’s most powerful economy into the second half of this century if only by default.
If Americans can succeed in limiting the damage done by President Obama and his leftist allies in Congress, however, the United States can do much better than winning by default. But the fight will be a tough one. We will soon have enormous issues with unfunded Social Security and Medicare entitlements (though, as the Obama administration is fond of admonishing us, we are well behind our European and Canadian friends in construction of an unsustainable welfare state). And we could be facing enormous tax increases and a crippling of the pharmaceutical and medical device industries under the guise of “healthcare reform.” But if we can manage to stay true to our proven formula of free enterprise tempered by modest regulation and moderate taxation, there is good reason to be optimistic about America’s economic future.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online