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U.S. Elections and the Outlook for the Global Economy

U.S. Elections and the Outlook for the Global Economy. Robert Genetski Website: ClassicalPrinciples.com 312-565-0112. Outline. Economic Framework How Economic Freedom Promotes Prosperity Global Freedom & Economic Trends US experience with economic freedom Impact of the US Elections

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U.S. Elections and the Outlook for the Global Economy

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  1. U.S. Elections and the Outlook for the Global Economy Robert Genetski Website: ClassicalPrinciples.com 312-565-0112

  2. Outline • Economic Framework • How Economic Freedom Promotes Prosperity • Global Freedom & Economic Trends • US experience with economic freedom • Impact of the US Elections • What Lies Ahead for the US & the World

  3. Outline • Economic Framework • How Economic Freedom Promotes Prosperity • Global Freedom & Economic Trends • US experience with economic freedom • Impact of the US Elections • What Lies Ahead for the US & the World

  4. Outline • Economics: scarcity and poverty A. How to create growth and prosperity?

  5. Outline • Economics: scarcity and poverty B. Economic theories 1. Keynesian framework 2. Classical framework

  6. Classical Economic Principles • Characteristics -- fundamental to our human nature -- universal: apply to all people in all countries -- timeless

  7. Classical Economic Principles 2. Basis: When individuals have the most control over their own lives, they tend to make decisions not only in their own best interests, but in the best interests of others as well.

  8. Classical Economic Principles 3. Classical Policies: -- low tax rates & limited government -- free markets -- protection of property rights -- a stable currency

  9. Outline • Economic Framework • How Economic Freedom Promotes Prosperity • Global Freedom & Economic Trends • US experience with economic freedom • Impact of the US Elections • What Lies Ahead for the US & the World

  10. Freedom & Economic Prosperity Measures of Economic Freedom 1. Size of government 2. Legal system & security of property rights 3. Sound money 4. Freedom to trade internationally 5. Regulation

  11. Economics is not about statisticsIt’s about people

  12. Freedom & Economic Prosperity The most effective solution to promoting growth and prosperity is to spread economic freedom throughout the world.

  13. Outline • Economic Framework • How Economic Freedom Promotes Prosperity • Global Freedom & Economic Trends • US experience with economic freedom • Impact of the US Elections • What Lies Ahead for the US & the World

  14. Outline • Economic Framework • How Economic Freedom Promotes Prosperity • Global Freedom & Economic Trends • US experience with economic freedom • Impact of the US Elections • What Lies Ahead for the US & the World

  15. The United States: A Unique Experiment in Freedom • Founded on belief in God and Liberty a. Declaration of Independence b. Liberty involves limits on government c. Defused power, checks & balances d. Complex social & economic problems e. Formula for freedom highly successful

  16. The United States: A Unique Experiment in Freedom • Rise in living standards a. Government could solve problems b. Shift in power & influence

  17. The United States: A Unique Experiment in Freedom 3. Progress toward freedom interrupted a. 1st “progressive” movement: c. WWI b. 2nd “progressive” movement: 1930s c. 3rd “progressive” movement: 1970s d. 4th “progressive” movement: 2000s

  18. The United States: A Unique Experiment in Freedom 3. Progress toward freedom interrupted a. 1st “progressive” movement: c. WWI b. 2nd “progressive” movement: 1930s c. 3rd “progressive” movement: 1970s d. 4th “progressive” movement: 2000s

  19. The United States: A Unique Experiment in Freedom 4. Factors eroding freedom 2010 a. increase use of eminent domain b. war on terror and drugs c. violation of bondholder property rights d. size of government e. regulation f. trade restrictions

  20. The United States: A Unique Experiment in Freedom 4. Factors eroding US freedom since 2010 A. Fiscal policies 1. federal spending 2. private compliance spending 3. public debt

  21. The United States: A Unique Experiment in Freedom 4. Factors eroding US freedom since 2010 B. Rule of Law: 1. Government controls over healthcare 2. Government controls finance: Dodd-Frank 3. Edicts undermine law: immigration, welfare 4. Waivers from complying with law 5. Failure to enforce race-neutral laws

  22. What Lies Ahead? • Loss of freedom from current trends • Healthcare law: government controls healthcare • Financial reforms: government controls finance • Edicts undermine law: immigration, welfare • Waivers from complying with law • DOJ failure to enforce race-neutral laws

  23. The US economy is struggling due to the erosion of economic freedom

  24. Outline • Economic Framework • How Economic Freedom Promotes Prosperity • Global Freedom & Economic Trends • US experience with economic freedom • Impact of the US Elections • What Lies Ahead for the US & the World

  25. Election Implications • Federal Spending: 2014 President Obama $3.88 trillion Romney-Ryan $3.48 Difference: $400 billion 2. Regulatory Compliance: President Obama $2.4 trillion Romney-Ryan $2.0 Difference: $400 billion

  26. Outline • Economic Framework • How Economic Freedom Promotes Prosperity • Global Freedom & Economic Trends • US experience with economic freedom • Impact of the US Elections • What Lies Ahead for the US & the World

  27. What Lies Ahead? The good news: Freedom in the world is increasing The US has a history of recovering

  28. The End Robert Genetski Website: ClassicalPrinciples.com 312-565-0112

  29. Questions or Comments Robert Genetski Website: ClassicalPrinciples.com 312-565-0112

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