Across the globe, growth rates are sputtering. Most economies could and should be expanding at 4% in this digital age, but globally, GDP growth is at closer to a measly 2%. The World Bank says this has been the slowest period of growth in decades.
Despite this crisis of prosperity worldwide, here is the theme for the latest G20 gathering of the world’s most influential finance ministers in Brazil:
Notice anything here missing?
Not a word about growth or economic development. Only leftist pablum about “sustainability,” “income inequality,” and “economic justice.” Hello! Prosperity and free markets ARE by definition sustainable and just. What a confederacy of dunces.
The big policy proposal at this confederacy of dunces was how to “tax the super-rich.” Nothing about how to make people rich. U.S. Treasury Secretary Janet Yellen said there should be a global push for “more fair and progressive tax systems.” Now we have America advising other countries to raise their tax rates?
Is it any wonder growth is in a slump when no one – least of all the U.S. – is even advocating it?
Perhaps we need a global Unleash Prosperity.