Economic Freedom and the Power Within

Economic Freedom and the Power Within

There are a lot of countries with an economic status so poor that they are deemed as second or third world countries. People who reside in these countries often strive hard to work abroad and look for greener pastures and it’s hard to blame them. It can be truly unfortunate to see families move from country to country or worse, breadwinners leave their family behind while they work in another country when they can enjoy a life of quality with simple changes for economic growth.

Although there are countries where technology is at its peak and advancement in various industries are present, not all first world countries provide its citizen the quality of life that they deserve. One basic aspect is often found missing which makes economic growth and economic power very hard to achieve. This missing aspect is known as economic freedom.

To understand how freedom, power and growth mesh together for a nation to prosper, a proper understanding of each aspect as well as viable information on economic freedom and economic power should be made available and accessible to all people. This will help people to make certain choices not only for the betterment of themselves but also, for the good of the entire nation. The following will provide you the general overview on economic growth, power and freedom and how much impact these put on you and your family’s quality of life.

What is Economic Growth?

Economic growth is the term used to describe progression of a certain nation. There are several factors which are at play in order for a country to grow which include the following:

• Government and politics

One of the major factors affecting economic growth is the people behind a nation’s government. Such governing body is held accountable for either improving the quality of life of the people or hindering growth and economic power. Communist countries and those with dictatorial styles of government, often fall under the nations with the least freedom in their economy. In addition, the quality of life of their citizens is understandably lower than their counterparts in more free countries.

• Industrial factors

Job opportunities and businesses also play a part in economic growth. Oftentimes when the unemployment rate is high or people work for very little salaries, being able to compete in the global market for economic growth is steep. This is also one of the reasons why citizens flee their homelands for better paying jobs in more economically stable countries.

• Geography and demographics

There are times, although not always, when location affects economic growth. Countries with plenty of natural resources have greater chances of being able to export and market commodities which aid in economic growth. For instance, the Middle East is known for its fossil fuel deposits. However, it is still within the government and business tycoons to properly manage their resources and put them to good use, for the good of the country.

What is Economic Power?

Power is a very strong word but is also very neutral because it can either be good or bad. Depending on where empowerment is used and who is holding it, the effects of power can make or break a nation. A great way to utilize power for economic growth and freedom is to give it give it back to the people. Economic power is attained when a country is stable and the people running the nation is without flaw or corruption.

So how is economic empowerment achieved? Here are some key points that affect a successful and prosperous nation:

• Economic power should always be greater than the power held by the government ruling a nation.
• A great leader for a nation should allow its economy to flourish by enabling the country’s work force to grow and advance.
• The country should be able to successfully import and export goods from and to various countries.
• The country should be able to create strong allies with growing countries but still be able to stand independently to provide financial support and livelihood to its citizens.

What is Economic Freedom?

Many countries have no problem with demographics, type of government, job opportunities and livelihood, but most are still not able to have economic power and growth. The simplest answer to this bafflement is the lack of economic freedom. This freedom ties down all the components together to bring a nation to success and prosperity.

There are plenty of reasons why every country needs economic power and freedom. To better understand this concept here are important points regarding the effects and benefits of gaining freedom for economic growth:

• With economic freedom, more job opportunities will be opened to the nation’s residents. Countries with major problems in economic growth and freedom often have massive unemployment.
• With proper freedom and power, easily accessible livelihood opportunities will solve the increasing poverty line, especially for poorly governed nations.
• With such freedom, more people can avail of health care services and other support systems without having to overpay on taxes
• A lot of countries without economic freedom and power have massive women and child labor problems. Providing such freedom will surely remove this unlawful and unfair labor practice to children and women.
• Equality of tax payment for all people will be met once power is given back to the economy and not withheld by specific governing bodies.
• Countries with economic freedom have relatively high and stable currencies, which is acceptable in a lot of countries for business, work and trading.

In Depth Look on Economic Freedom: Income Tax Returns

Various government policies and amendments are accountable for the existence of economic freedom in a country. One in particular holds the most part for equality and freedom. Income tax return policies are a very sensitive topic for many countries lacking economic freedom and growth.

Taxes are paid duly by all citizens of a country. It is every person’s responsibility to truthfully pay for his or her taxes depending on his monthly or annual income. The tax payments received by the government are used for government funding such as healthcare systems, education, public transportation and many more.

These taxes are established and made mandatory for one specific purpose; and that is none other than to serve the citizens of the nation better. However, many countries today have several indiscretions and inconsistencies when it comes to tax rates and payments. Even first world countries have certain laws which seem to be too unfair and biased when charging regular employees their tax returns.

The problem here is that people with regular or low paying jobs are required to pay more tax percentages than business tycoons who have close ties with the country’s existing government. When such policies are provoked, economic freedom is lost and financial stability for people who break their backs just to put food on the table and provide a living for their families is lost.

Here are the common factors involved with biased tax rates and payments which hinder economic freedom and growth:

• Unfair labor practices
• Inequality from favored business tycoons and corporations
• High mortgage rates and payments

Improving the Quality of Life with a Free Economy

A free economy gives back what is rightfully owned by the citizens of a country. When there is freedom and power, equality among workers and corporations is possible. This enables more people to have better opportunities within their country. When the employment is high and fair, everybody as well as the nation will enjoy benefits including:

• High economic revenue is achieved to help make the country competitive for global markets.
• Improve import and export of goods and natural resources.
• More people abide with equal tax payments, increasing the nation’s budget for major projects and infrastructures.
• Easily pay off debts of the country.
• More homes will be saved from foreclosure, providing safety for families.
• Economic freedom promotes access to government support including housing and public infrastructures, livelihood programs for indigenous citizens, healthcare system and many more.

If you accept economic freedom then please support the Romney-Ryan Plan for a better America.