John Mackey, the co-founder and c0-CEO of Whole Foods, had a must-read op-ed in the Wall Street Journal.
It’s a refreshing read:
America became the wealthiest country because for most of our history we have followed the basic principles of economic freedom: property rights, freedom to trade internationally, minimal governmental regulation of business, sound money, relatively low taxes, the rule of law, entrepreneurship, freedom to fail, and voluntary exchange.
The success of economic freedom in increasing human prosperity, extending our life spans and improving the quality of our lives in countless ways is the most extraordinary global story of the past 200 years.
So why is our economy barely growing and unemployment stuck at over 9%? I believe the answer is very simple: Economic freedom is declining in the U.S.
His suggested reforms:
1. “Radically cut the size and cost of government.”
2. Tax reform: rate reductions (including corporate rates) and the elimination of most tax deductions and loopholes.
3. Regulatory reform (including a mandatory sunset provision.) “While some regulations create important safeguards for public health and the environment, far too many simply protect existing business interests and discourage entrepreneurship.”