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During America’s bicentennial in 1976, we faced economic stagnation and chose to embrace free enterprise over government control. Now, the nation stands at a similar crossroads, Suzanne P. Clark, President and CEO of the U.S. Chamber, explained in a Washington Post op-ed.
- Fifty years ago, America faced economic challenges like high inflation, unemployment, and energy shortages. “Each government intervention created new problems, requiring even more government intervention,” Clark noted. The nation ultimately chose free markets, leading to decades of growth and innovation.
- America is again at a crossroads, deciding between “an economy shaped by the markets and one shaped by the state.” Clark frames the decision as one “between confidence and fear,” urging leaders to be fearless.
Why it matters: The decisions our leaders make today will determine whether America goes down a path of economic growth and continues to lead in innovation, economic growth, and global competitiveness.
- Clark emphasized the transformative potential of sustained 3% annual growth, explaining, “If sustained over the next 50 years, 3 percent annual growth would triple living standards, increase per capita GDP from $69,000 today to nearly $250,000, and boost average household income from $150,000 to more than $528,000 annually.”
Be smart: Trusting markets—and the American people—demands deliberate policy choices.
- “Policymakers must provide a stable regulatory environment that supports innovation, investment, and competition,” Clark wrote. “Policies such as the 2025 tax bill, deregulation, and permitting reform empower the market, which in turn fosters greater economic growth."
- Avoid fear-based policies on artificial intelligence. “This would cede AI leadership to China.” Instead, Clark advocated for a confident approach: “Trusting our markets by embracing AI, leading the world in smartly regulating it, and rethinking education and training to prepare for the future of work.”
Bottom line: Clark underscores the importance of free markets, stating, “Free enterprise is not flawless, but it remains the most effective system for generating opportunity, innovation and prosperity—and for improving itself over time.”
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