With Congress on the verge of passing yet another massive (and this one completely unnecessary) “stimulus,” Americans are being lulled into the belief that America is simply a few more printed dollars away from economic prosperity. Obviously, sooner or later the bill will come due for all of this debt.
Ironically, recently the Americans (unbeknown to most of them) actually “celebrated” 40 years of successful deregulation of America’s freight railroad system via the Staggers Rail Act. The Act, passed in 1980 and signed by President Jimmy Carter, removed the federal government from setting freight rates.
Deregulation worked and latest are now 43 percent lower today than 1981. The Rio Grande Foundation recently signed a letter in support of the Staggers Act and acknowledging its success.
Some day Americans and their elected officials will again realize that printing money is not the path to prosperity. Rather, it is the combination of innovation, hard work, and sound public policy that we achieve greater prosperity.