The U.S. Needs Reaganomics
WASHINGTON EXAMINER: Reaganomics, not Bidenomics

PUBLIUS SPECIAL GUEST: Rainer Zitelmann, author of In Defense of Capitalism

The United States has a problem: Economic freedom is under threat. The Heritage Foundation’s 2023 Index of Economic Freedom gives the U.S. its worst rating since the first index in 1995. Accordingly, as many as 16 European countries now enjoy more economic freedom than the U.S.!

“The free enterprise system is the foundation of prosperity. Americans can only prosper in an economy in which they can afford the basics of everyday life: food, shelter, health care, and energy. A corrosive combination of government intervention and private cronyism is making these basics unaffordable to many Americans. We commit to reducing the cost of living through competitive markets, greater individual choice, and free trade with free people, while upholding the rule of law, freedom of contract, and freedom of association.”

Under Reagan, such commitments were a matter of course for the Republican Party. Nowadays, unfortunately, that is no longer the case. Yet today, it is more important than ever to remember these truths.

President Joe Biden is increasingly leading the U.S. toward a planned economy. What he calls the “ Green New Deal ” has already failed catastrophically in Germany. The transformation of Germany’s energy industry into a planned economy began under Angela Merkel, and German Minister of Economics Robert Habeck has picked up where Merkel left off. The consequences: In the International Monetary Fund’s latest World Economic Outlook, Germany is the only one of 22 countries and regions expected to experience a decline in GDP in 2023, a predicted fall of 0.3%, an even worse performance than Russia. The impact of planned economy policies needs a certain time to unfold, and a continuation of “ Bidenomics ” would hit the U.S. hard.

Reagan created 17 million jobs by cutting the top tax rate from 70% to 28%. He also defeated inflation. Biden is equally proud of the jobs he has created, but they largely just replace jobs lost during the COVID-19 pandemic.

Biden’s policies need a clear counterposition. And that can only be “Reaganomics, not Bidenomics.” Reaganomics advocated smaller government, lower taxes, and deregulation. Bidenomics equals big government and less market freedom.

The principles of capitalism must be defended today against the Left — and against segments of the Right. I am optimistic because a majority of people still believe in capitalism, as an Ipsos MORI survey for my book In Defense of Capitalism confirms. The survey has now been conducted in 34 countries. The result: Second only to Poland, the U.S. is one of seven countries where support for capitalism remains strong.

PLUG BOOK: In Defense of Capitalism

BIO: Rainer Zitelmann studied history and political science and graduated with distinction.

From 1987 to 1992, Zitelmann worked at the Central Institute for Social Science Research at the Free University of Berlin. He then became editor-in-chief of Ullstein-Propyläen publishing house, at that time Germany’s third largest book publishing group and headed various departments of the German daily newspaper Die Welt. In 2000, he set up his own business, Dr. ZitelmannPB. GmbH, which he established as the market leader for communication for real estate companies in Germany. He sold the business in 2016.

In 2016, Zitelmann was awarded his second doctorate, this time in sociology, with his thesis on the psychology of the super-rich (published as The Wealth Elite) at the University of Potsdam. Zitelmann is a multiple bestselling author and his 26 books have been translated into numerous languages, including this book, which will be published in 30 languages. He is a much sought-after guest speaker in Asia, the United States, Latin America, and Europe. Over the last few years, he has written articles and given interviews to many of the world’s leading media, including The Daily Telegraph, The Times, Forbes, Le Monde, Corriere de la Serra, Frankfurter Allgemeine Zeitung, Der Spiegel, Neue Zürcher Zeitung, and numerous media in Poland, China, Vietnam, Brazil, Chile, and Argentina. Detailed information about the life of Rainer Zitelmann can be found at rainer-zitelmann.com.

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