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Mazzei Minute: 05/24/24

The Dow Jones Industrial Average just hit $40,000 for the first time in history! As Ronald Reagan once said, “Zippity Doo Dow!” Celebrating a new milestone for the best economy in the world is always fun, and we like to remind our readers that America has lifted more people here and around the world out of poverty than any civilization in the history of mankind. 

Yet, we must be ever vigilant about the enemies of free-market capitalism, growth and prosperity that could derail the USA engine of production and profits. Debt is often the greatest threat to economic prosperity, and America is on a one-way course to trouble unless we reverse the alarming trend of borrowing more and more trillions for unproductive purposes.

Remember the amazing economy of Japan in the 1980s? Their market index, the Nikkei, hit $40,000 in 1989 only to see their economy and market plummet after its asset bubble burst and the government load up on more and more debt. Four decades later, their stock market finally made it back to $40,000 but the national debt is still twice as large as its total economy at 216%.

Here in America, the debt load is 122% of our economy and growing every second as the government keeps borrowing over $1 trillion each year.  The socialist minds in the White House don’t see a problem as they keep finding ways to spend recklessly such as paying off student loans.  

Fortunately, some members of Congress are taking this seriously and putting forward thoughtful ideas to ward off financial calamity.  Tulsa’s own Representative Kevin Hern, the Chairman of the Republican Study Committee, has published Fiscal Sanity to Save America, an FY 2025 Budget Proposal. 

We suggest you look it over and send a copy to Joe Biden. He needs to read it several times!


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