Is Big Government Holding Us Back...From the Future?

In the 1980s, there was good reason for optimism. Falling taxes, a strong dollar, and deregulation of industry transformed the “stagflation” of the 1970s into a near-decade long boom. The '80s produced the personal computer, the CD player, and the mobile phone.

Innovation has not stopped since the 1980s -- the internet, the iPhone, and companies like Uber represent great leaps forward -- but often they come in the teeth of government resistance. Uber, the ride-sharing company which allows you to hail a car with your phone, has faced legal challenges from numerous established taxi organizations. This year, it finally became legal to “unlock” your phone -- using the same phone after a contract with the carrier ends.

Government regulations provide some key rules for business and the public, but they also often hold back the tide of progress. The $1.9 trillion in regulation compliance every year takes money away from the innovators who could develop the next world-changing technology, like the iPhone, the personal computer, or the flying car. Instead, that money goes to lawyers, accountants, and lobbyists, further entrenching established interests and big government.

The road to flying cars, hoverboards, and everyday nuclear energy which converts trash into fuel starts with further deregulation, freer markets, and a more restrained federal government. If you want real progress, support the only economic system that has proven effective at fighting poverty.