Tags: Ringer | china | us | economy

Robert Ringer Urges US to Look to China as an Economic Weather Vane

Wednesday, 25 Jul 2012 01:47 PM

By Forrest Jones and Kathleen Walter

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The United States should look to China as an example of how to open up a country and stop hampering recovery at home with excessive taxes and regulations, said author Robert Ringer. Otherwise, the United States will start to look like Cuba.

"China is going through a transitional phase," Ringer told Newsmax.TV in an exclusive interview. "You'd have to say it's state capitalism right now, but the really sad thing is China is moving more and more in the direction to where the United States used to be and the United States is moving more and more in the direction of where the Soviet Union and where China used to be and where Cuba still is."

Economies less hampered by taxes and regulations have prospered, such as Singapore and Hong Kong.

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"In Hong Kong, where they have so few regulations — fewer than anywhere in the world — and low taxes, entrepreneurship just explodes in Hong Kong," said the author of "The Entrepreneur: The Way Back for the U.S. Economy."

"So the United States needs to look across the waters of both the Atlantic and the Pacific and see what a lot of the countries around the world have learned from us," Ringer said.

Editor’s note: To order ‘The Entrepreneur' at a great price — Click Here Now. 

That's true of the Western Hemisphere as well.

"Brazil is another good example and so is Chile right here in our own hemisphere. We need to see what we taught those other countries and relearn those lesson ourselves, especially the people in Congress and in the White House."

Tax hikes and regulations such as minimum wage laws are hampering the country's recovery by discouraging entrepreneurship, and the only way out of today's economic doldrums is to yank the government out of the economy and let entrepreneurs flourish on their own.

"There is nothing in the Constitution that gives the government the right to bail any company out, to be involved in business in any way, to promote green energy — the government has no business in the economy at all," Ringer said.

"What the government needs to do to get the economy going is to get completely out of the way, get the regulations off the businessman's back and turn entrepreneurs loose because the entrepreneurs of this country are who built it into the great country that it is."

President Barack Obama grabbed headlines recently when he said businesses cannot attribute their success solely to their own initiatives, as the government helped them succeed at the minimum by providing infrastructure and spearheading services.

The president has also said he favors extending the Bush-era tax cuts for another year applicable to incomes of less than $250,000 a year but not for those earning more.

The tax cuts are set to expire at the end of the year, and under President Obama's proposal, tax hikes will kick in for wealthier Americans.

"He has clearly set down the gauntlet on the table and said 'this is where I stand. I'm for the redistribution of the wealth, I'm for the government running the economy and I'm for the government controlling everything,'" Ringer said.

"He wants to keep a clamp around the necks of entrepreneurs and he, I truly believe, wants the economy to fail so that the government will gain power."

Even referring to the Bush tax cuts in such a phrase represents flawed logic.

Taxes should stand at zero and the government should work to levy as little as possible.

Therefore, those who favor letting the tax cuts expire should come out and say what they favor all along, which are tax hikes.

"I really dislike this term 'the Bush tax cuts,' because it's like saying to the public that the normal was where it was before Bush cut taxes. The normal is zero. What the far left keeps doing is moving the marker and making the new normal higher and higher," Ringer said.

"So they talk as though it's their God-given right to have the tax rate where they were before Bush implemented his cuts, and that's simply not true," Ringer added.

"They don't want to do away with the tax cuts. It's just a euphemism for raising taxes."

Meanwhile, if Republicans take back control of Congress — both the House and the Senate — two things must happen first: abolish unemployment benefits and also minimum wage laws.

"Whatever you subsidize you get more of. If you pay people for not working, they are not going to work," Ringer said.

"And it's the same way with the minimum wage. You don't have to be an economics major or have a masters in economics to know that if you put a minimum wage — whether it's $8 or $6 or $10 — you are going to cause unemployment because employers are not going to be willing to hire somebody with entry-level skills at whatever the government happens to think is the right wage."

Editor’s note: To order ‘The Entrepreneur' at a great price — Click Here Now. 

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