A path to prosperity: Cutting unnecessary rules
It’s unfortunate that the word “news” suggests novelty because often the most important “information” we need updated isn’t strictly novel. For example, this is the final column for 2019 and all indications are that it will be another month of economic growth. That means we have lived through 126 straight months of growth, the longest streak since records were kept in 1854. This really is a staggering phenomenon. It didn’t even happen as we recovered from the Great Depression. It’s a simple matter to put together several months of growth coming out of an economic recession. But to continue to grow this late in an economic growth cycle should be headline “news” every day.
Because of the implicit business cycles we have always previously had a downturn and even a recession by now. But, this time we haven’t, and millions of the poorest Americans are benefitting as a result. What has been the biggest difference this time? Previous recoveries have had, for example, low interest rates, tax cuts, or low oil prices. The main difference this time has been deregulation and increasing productivity rates. Deregulation sounds like a fancy, abstract term, but it has very direct impact on individuals and businesses.