As we step away from our usual analysis of finance and markets, we embrace the spirit of Independence Day. With the holiday weekend ahead, we invite you to ponder the essence of our great nation. Before you hang up the flag or fire up the grill, here are some thoughts to enjoy. Happy Independence Day!
“Myths and legends die hard in America.” – Hunter S. Thompson
The Charms of American Governance
Today, the principles that fueled America’s War of Independence seem just that—principles, not practices. The ideals of limited government and personal freedom have largely been replaced by expansive government and collective control. The days when one could earn a living without the IRS hovering overhead are long over. Similarly, the joy of a child selling lemonade on the corner is stifled by permits and regulations.
Over the past century, Washington has evolved into a relentless money-absorbing machine. Within the hallowed halls of the Capitol, a plethora of legislators and their staffs are tirelessly crafting new laws focused on revenue generation. Each day, a fresh set of rules, proposals, and notifications fills the Federal Register, providing both enlightenment and alarm about the extensive bureaucracy that governs nearly every aspect of our lives.
Henry David Thoreau once stated, “That government is best which governs least.” Measuring today’s government by that yardstick paints a sobering picture; we are governed extensively and often unnecessarily.
Yet, amidst the absurdity of modern American governance, there’s a certain charm. Despite the perceived foolishness of both Democrats and Republicans, we often find humor in the antics of our leaders. Take Congressman Barney Frank, for instance—his antics serve as a testament to the oddities of American exceptionalism as highlighted by Alexis de Tocqueville.
However, our aim isn’t to lament the state of America. Despite a bankrupt government and questionable leaders, America remains a land of possibilities where unique personalities and unconventional thinkers can thrive. Here at the Economic Prism, we wouldn’t have it any other way.
A Land of Remarkable Opportunities
What a remarkable nation this is! Visionaries like Steve Jobs and Larry Page continue to innovate, paralleling the accomplishments of historic American mavericks like Howard Hughes and Henry Ford. Fueled by just an idea and relentless determination, they repeatedly bring the future to the present. It’s hard to imagine any other country where such creativity flourishes as it does here.
But it’s not solely the bold and brilliant who find success in America. Those of average intellect but exceptional courage can also tilt the odds in their favor. Take Joe Karbo, who, in the early 1970s, was a bankrupt car salesman with a family of 10. In a moment of inspiration, he wrote a catchy ad that led to the success of his mail-order book, *The Lazy Man’s Way to Riches*. By the decade’s end, he sold nearly 3 million copies at $10 each.
For the everyday individuals—those of average intelligence and the courage to pursue success—America remains a land of extraordinary rewards. In fact, we can hardly imagine a more favorable environment.
Whenever we turn on the tap, clean water flows. We enjoy hot showers, and streets are free of sewage. Our trash collectors arrive every Tuesday, rain or shine.
Within walking distance, we find four different grocery stores, consistently stocked with fresh produce at remarkably affordable prices. Just this week, we bought fresh corn for $0.99 for three ears—a true bargain! Additionally, the array of chewing gum flavors at checkout is beyond belief.
Has there ever been, in the annals of human history, such a complacent populace living in such abundance?
Celebrating Independence
So, with life so enchantingly comfortable, why should we fret that the principles which inspired America’s Independence have become mere myths?
In truth, we do not. And even if we did, what could we genuinely achieve? America’s drift towards mediocrity seems unavoidable. Who are we to resist?
As the government quirks and well-meaning absurdities in Washington seek to benefit us at our expense, we choose to smile and relish life. We want to celebrate the myths and legends of America with fervor and enjoyment.
This year, we’ll gather at Long Beach Harbor with our family, joining countless others in the festivities. We’ll savor a funnel cake or an ice cream cone.
We’ll sway to the melodies of street musicians, and as night falls, we’ll be awed by the spectacular fireworks illuminating the Pacific sky.
We’ll clap, cheer, and rejoice.
And we’ll celebrate the Independence of These United States.
Enjoy your holiday!
Sincerely,
MN Gordon
for Economic Prism
