What is Economic Freedom?
Economic freedom is the ability to prosper through the free exercise of economic activity while letting others do the same.
The five principles of economic freedom: property rights, rule of law, free trade, a constitutionally limited government and sound money supply have a proven record of generating long-lasting economic growth, opportunity and prosperity. It is the difference between nations that thrive and those that linger in poverty and corruption. A country or state that upholds these principles see less poverty, more jobs, better quality of life, healthier environments and longer life expectancies in their societies. Now more than ever, it is our responsibility to defend the principles of economic freedom as the best way forward for the United States:
(1) Property Rights: Clear and well-defined rules of authority that determine how a resource is used should be free from corruption and fully enforced by the state to allow us to confidently improve or invest in our private property and ideas.
(2) Rule of Law: Concise, consistent and systematic enforcement of three fundamental democratic principles: supremacy of law, equal protection under the law and impartial enforcement for infractions of the law, provide us all with a clear understanding of available options and empowers us to better plan our choices.
(3) Free Trade/Open Markets: This system allows nations to compete in the global market by producing high quality/low cost goods and services to consumers. It also provides incentives for countries to open new business opportunities and create jobs.
(4) Constitutionally Limited Government: The role of government is to uphold and protect the Constitution of the United States. Unlimited government gets in the way of prosperity by passing regulations that create dependency and stifle opportunity for individuals and businesses to thrive. A limited government allows the people to control government intervention through representation and the power to vote.
(5) Sound Money Supply: Protecting the value of our dollar protects our investments and enables job creation, which directly impacts our opportunity and prosperity in the United States.
Are we losing the American Dream?
Government intervention at times does more harm than good. Over the last few years, we have seen Washington move us further from the principles of economic freedom and, as a result, we have seen an entire nation suffer the consequences especially the Hispanic community. Compared to the national average, Hispanics have experienced disproportionate unemployment rates, foreclosed homes, increased child poverty levels and a decreased net worth.
How does Economic Freedom Help the Latino Community?
Economic freedom gives individuals equal economic opportunity, full control and responsibility of their property, skills and ideas. It reduces poverty and improves our well-being and the future of our families. Studies show that individuals who live in countries that are economically free enjoy more economic security. For many Hispanics who have left their native country looking for a better life in the U.S., the principles of economic freedom are proven to be key in their long-term success.