Despite excessive government involvement in the American economy, entrepreneurs still find ways to improve everyone’s living standards. And consumers have rewarded them handsomely according to recent reports.
Bloomberg detailed how the number of wealthy individuals in America hit a new high in 2018. A survey from the Specrtrem Group found that roughly 10.2 million households had a net worth within the range of $1 million and $5 million. This number of households is about the same population size as Portugal or Sweden. These latest figures are a 2.5 percent increase from 2017.
Spectrem Group President George Walper, however, did point out that the rate of growth for the number of wealthy households in America has been slowing down because of “weakening global economic growth and a contentious U.S. political environment.”
Additionally, “ultra-high net worth” households — households possessing assets between $5 million and $25 million — grew to 1.4 million, representing a 3.7 percent increase.
Households with assets higher than $25 million grew by 0.6 percent to 173,000. Despite signs of slowing growth, the number of America’s wealthiest has doubled since the Great Recession started.
Even with a highly regulated economy, America still demonstrates how even shackled capitalism can still yield tremendous results. American entrepreneurship still finds ways to innovate in spite of the obstacles, like its burdensome tax code and out of control regulatory state, in front of it.
A society that maintains a strong degree of respect for private property like the U.S. can still thrive economically, as it has demonstrated over the past century.
Nevertheless, this system can still be perfected by scaling back the size of government on all fronts. Sadly, many people don’t realize how much red tape the American economy must put up with. Some estimates show that regulatory compliance costs the economy $1.9 trillion annually. So before political figures like Alexandria-Ocasio Cortez declare capitalism to be “irredeemable”, let’s start actually making it easier for people to make a living for once.
If we want to crush poverty and create a wealthier society, we should break free from the regulatory shackles that hold millions of businesses and individuals down. There is no bigger obstacle to creating wealth than government intervention.
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