The Obama administration and the Federal Reserve want to fix the United States economy by spending more money. But while that approach might work for Europe, it is risky for the US. The nation would be better off embracing traditional American values like self-reliance and small government.
There’s no question about it: The 20th century was America’s era. The United States rose rapidly from virtually nothing to become the most politically powerful and economically strongest country in the world. But the financial crisis and subsequent recession have now raised doubts about its future. Are we currently witnessing the beginning of the end of the American era?
A firm belief in the individual’s ability, ideas, courage, will and a reliance on one’s own resources brought the US to the top. The American dream promised everyone the chance of upward mobility — literally from rags to riches, from minimum wage to millionaire. The individual’s pursuit of happiness was seen as the crucial foundation for the well-being of society, rather than the benevolent state which cares for its subjects — and certainly not the welfare state, which provides a social safety net for its citizens.
Business Insider Emails & Alerts
Site highlights each day to your inbox.