On Markets

Well, I was wrong. Recently, I asserted that by and large Democrats don’t believe in markets. As it turns out a recent poll conducted by the U. S. Chamber of Commerce found that Americans, generally, have an overwhelming belief in markets and Democrats in particular believe in markets 2-1:

In a new poll conducted on behalf of the U.S. Chamber of Commerce, a majority of American voters reported they are concerned about state governments micromanaging private business in a way that could hurt taxpayers. Fifty-four percent (54%) of all voters indicate they are more concerned about government micromanaging private business versus allowing business to make decisions they think are best for their customers — even if they don’t align with the personal views of the respondents (46%).

“This poll underscores the growing disconnect between the American electorate’s support for the free market and efforts by government officials to micromanage business decisions,” said U.S. Chamber Executive Vice President, Chief Policy Officer, and Head of Strategic Advocacy, Neil Bradley. “The costs of greater political interference in the free market will be borne by taxpayers as these efforts increase the cost of government and reduce wages for workers.”

Naturally, that fills me with questions. What do they mean by “free markets”? What do they mean by “overreach”? How do you define “micromanage”? I think this definition of the free enterprise system from Jeffrey A. Tucker is at the Brownstone Institute is a pretty good one:

…the system of voluntary and contractual exchange of otherwise contestable and privately owned property titles that permits capital accumulation, eschews top-down planning, and defers to social processes over state planning

I suspect that both “overreach” and “micromanage” are meaningless. What is overreach to me may not be overreach to you. Same with micromanagement.

Consider the growth in government as a percentage of national GDP over time:

In 2021 that had declined to 41% and by 2023 to 37%. I would suggest that for “believing in markets” to mean anything you must believe in an absolute limit to the percent of GDP represented by government at all levels.

Now consider these recent quotes from Surgeon General Vivek Murthy:

… policymakers should bolster support for child care financial assistance programs such as child care subsidies and child income tax credits; universal preschool; early childhood education programs such as Early Head Start and Head Start; programs that help nurture healthy family dynamics such as early childhood home visiting programs funded by the Maternal, Infant, and Early Childhood Home Visiting (MIECHV) Program; and services and support for family caregivers like Healthy Start Programs and the Lifespan Respite Care Program.

and

Establish a national paid family and medical leave program and ensure all workers have paid sick time… Invest in social infrastructure at the local level to bring parents and caregivers together…
Address the economic and social barriers that contribute to the disproportionate impact of mental health conditions for certain parents and caregivers. Priorities should encompass poverty reduction, prevention of adverse childhood experiences, access to affordable neighborhood safety, and improving access to healthy food and affordable housing. Policymakers should also prioritize programs that support eligible households in gaining access to crucial services and supports, including Temporary Assistance for Needy Families (TANF), Children’s Health Insurance Program (CHIP), Medicaid, Supplementary Nutrition Assistance Program (SNAP), Women, Infants, and Children (WIC) benefits, child care support, and home visits, among others…

My primary objection to the progressivism which in its present form includes a majority of Democrats is that it is not self-limiting.

That’s my challenge to the progressive Democratic leadership: how much should the government spend? What are the limits?