The latest issue of Forbes includes Steve Forbes‘ observations about the continuing power of an electoral message focusing on market-based — rather than government-based — solutions.
Since the Great Depression advocates of big government have occupied the moral high ground when it comes to debating issues. Government has been portrayed as the friend of the downtrodden. In this view private markets are inherently unstable, as well as cold and heartless. Even if government programs are inefficient, wasteful and counterproductive, their intentions are noble. If a politician proposes a government program to help the poor, anyone opposing it is seen as “uncaring.” Despite the hugely successful presidency of Ronald Reagan in the 1980s, following the economic catastrophes of the 1970s, big government believers were still seen as more humane and caring than were free market conservatives.
The recent financial crisis appeared to give the left—always a distinct minority in this country—the opportunity to lastingly alter American culture, economics and politics. Yet here we are, and free market ideology is back stronger than ever. An impressive number of new Republican representatives and senators truly “get” what free enterprise is about and understand that free markets are moral, while big government is not. The good-intentions free ride of big government adherents is coming to a close.
But so much depends on how Mitt Romney conducts his campaign. Some pundits believe that the hard-fought fight for the GOP nomination has weakened the Republican Party. It hasn’t. Romney today is a much stronger, more forceful candidate than he was in 2008 or even three months ago. In recent weeks his rhetoric has improved markedly as he’s talked about restoring American principles and how this is going to be a contest against those who want a government-dominated economy. He is also getting a better grasp on the entitlement reforms advocated by Paul Ryan, which is critical. Ryan’s approach leaves those who are currently receiving or about to receive Social Security and Medicare untouched. Their benefit formulas will remain unchanged. Change comes for those under the age of 55, where the fruitful forces of free markets will be brought to bear.
