Want to grow an economy and enrich the lives of those in it? Then it’s capital that’s needed.
Try knitting a sweater with just your fingers, then try it with two knitting needles (capital,) now with ten of your friends all equipped with needles, add a factory full of machines (capital) designed to knit, then 10 factories and so on.
Capital makes us all “super-producers” enabling fewer people generate more products in less time while making available to and lowering the price of those products which results in a higher standard of living for those who are poorest.
That is how a nation becomes wealthy.
No one would earn anything like their present real income were it not for the savings--capital--of our ancestors. Libertarian Murray Rothbard concluded we are all “free riders” on both the past and present.
Robert Higgs estimates in the eleven years between 1930 and 1940 U.S. net private investment totaled minus $3.1 billion. That is, the U.S. added nothing to its capital stock and forfeited a decade of economic growth.
President Franklin D Roosevelt’s “CCC” Citizen Conservation Corps mentioned in the July 21 Daily American (http://tinyurl.com/qzmdpvp), was part of FDR’S vast public-works program used to cook up today’s American regulatory and welfare state.
Jobs created by government are easily seen. What is not so visible are the jobs that would have been created by private investment. Public works projects are paid for by funds taken away from citizens. FDR and the CCC monument at Laurel Hill State Park – enduring reminders of disastrous economic ideas.