(The Federalist)
As I watch the fearless Hong Kong protesters risk life and limb, standing up to the Chinese juggernaut to protect freedom, I can’t help but wistfully wish we’re witnessing the beginning of a spreading popular movement. In my heart of hearts, it’s my fondest hope that these courageous, freedom-loving protesters succeed and that their message of hope catches fire in other countries in desperate need of the Hong Kong formula.
I’m not referring to a spread into mainland China, which would also be wonderful. No, here I’m hoping their thirst for freedom also spreads to the United States.
I’m not saying the United States isn’t free. But it’s a whole lot less free than the special experiment of Hong Kong. For one thing, the Heritage Foundation rates Hong Kong’s as the freest economy in the world, and the United States as the world’s 12th-freest. That’s embarrassing.
Hong Kong is a miracle economy. Its unemployment rate rarely rises above 4 percent. It recovered quickly from the financial crisis in contrast to the very lethargic U.S. recovery between 2008 and 2017. Hong Kong has avoided the curse of a large entitlement system due to its free market policies. It maintains a “simple and efficient” tax rate of 15 percent, from which it drives an astonishing budget surplus, averaging 3.4 percent. Its debt is equivalent to 0.1 Read more
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