Wealth Building's Tricky Today Due To Our "Progress"
by Michael D. Hume, M.S.
Maybe you think the performance of the U.S. government - and, as its most prominent representative, the president - doesn't have much to do with your ability to build and protect your personal wealth. I would agree that it isn't the top factor that determines your success, but federal policies do play a part in creating a business/investment environment that either helps or hinders you. And over the past century, the 18 different administrations have combined to move the United States "progressively" toward an America virtually unrecognizable to prior generations - one in which prosperity is a tricky business, indeed.
It might be simplistic, and I certainly invite discussion, but today I'm ranking the men who've held the office of President since 1911 in terms of how well they did in resisting this "progress" toward socialism/collectivism by their overall support of the U.S. Constitution. My thinking is this: if, as the foremost leader of the federal government, the president can do a good job at fulfilling his/her oath to uphold the Constitution, prosperity generally becomes much easier to obtain in America (and, frankly, elsewhere in the world). When the president fails to protect the Constitution (or, worse, attacks it), he or she aids the progressive march toward collectivism - but pulls the nation away from prosperity and strength.
There are six purposes set forth in the Constitution's preamble - six "jobs" the president must lead the nation in accomplishing. Quoting, these jobs are to (1) form a more perfect union, (2) establish justice, (3) ensure domestic tranquility, (4) provide for the common defense, (5) promote the general welfare, and (6) secure the blessings of liberty for ourselves and our posterity. Of course, progressives would argue that their penchant for collectivism, central government planning, and control of the populace by means of dependence upon government hand-outs forms the best route toward these six ends. Indeed, since the past century has also seen the gradual takeover by liberal progressives of the nation's public-opinion drivers (education, entertainment, government, and the media), we've all grown up with lionized images of poor presidents and slanderous views of good ones. But history has proven them wrong. The "general welfare" is better served, it turns out, by economic freedom than by entitlement programs known generally as "welfare."
Here's my ranking on how well the various presidents have held the Constitutional line - and protected the world's engine of prosperity - over the past hundred years. Feel free to disagree, and please leave a comment if you do.
1. Ronald Reagan (1981-1989). At a time of great need both domestically and internationally, Reagan turned the nation around. His "Reaganomics" policies produced the greatest period of economic growth in the nation's history, and his emphasis on "peace through strength" ended the dangerous Cold War without bloodshed.
2. Calvin Coolidge (1923-1929). Lately, investors have clamored for the next Reagan - but what we might really need today is what Reagan really was: the next Coolidge. "Silent Cal," a reluctant public servant, curtailed the power of public-sector labor unions and used "hands-off" economic policies to free the markets and make the '20s roar.
3. Warren G. Harding (1921-1923). He was stained by the "Teapot Dome" scandal, and villified in the media as a sell-out to oil interests (sound familiar?)... and Harding was a man of despicable character in his personal life. But his policies, carried on after his untimely death by Coolidge, helped freedom and blocked progressivism.
... Let me just pause the proceedings to point out that, so far, you would have heard nothing good about these three presidents from the liberal media. In fact, their rankings would probably be a simple reversal of this list.
4. John F. Kennedy (1961-1963). The Left has edified JFK because he was a Democrat, and a martyr. But if they studied the substance of his policies, collectivists would not be Kennedy fans. "Ask not what your country can do for you" does not fit their template! JFK was the most conservative Democrat since Grover Cleveland.
5. Harry S. Truman (1945-1953). In contrast to JFK, Truman was perhaps an embarrassment to liberals because he ended World War II with a nuclear bang. But if only for that one act, Truman deserves a place in the "front nine" of the century's presidents for decisively putting America (and freedom) in a global leadership position.
6. Richard Nixon (1969-1974). Infamous (and impeached) for being a liar, Nixon is far from worthy of praise as a person. But his lies were far less consequential to the nation and world than his actions. His best accomplishment was ending Johnson's War in Vietnam. His worst? Not Watergate, but floating the dollar.
7. Bill Clinton (1993-2001). Speaking of impeached liars, like Nixon, Clinton's lies just weren't that important. And, like Nixon, he's not a person of high character. Clinton belongs in the front nine, though, because he worked with a Republican congress to stem the tide of a growing government and poisonous entitlement programs.
8. Dwight D. Eisenhower (1953-1961). "Ike" was a better general than president, to be sure, and I'm not ranking generals here. He did preside over a period of great peace and prosperity. Ike also gave us the interstate highway system, which has been a better support for the economy than any of the liberals' doled-out "stimulus" shams.
9. Gerald Ford (1974-1977). Ford did much to clean the stains Nixon left on the presidency, but did more for the office than for the nation. He was a man of high character, but perhaps low ability as president. Where Reagan was able to influence a Democrat-controlled Congress, Ford was not. Congress had its way with him.
10. George W. Bush (2001-2009). W's biggest transgression was that he sounded stupid, even when he said smart things. That, plus his "moderate" leanings, combined to alienate Republicans and earn downright hatred from the Left, which combined to give us Barack Obama (see far below). But for all the blame, he left us in OK shape.
11. William Howard Taft (1909-1913). Taft really just wanted to be Chief Justice of the Supreme Court, and Harding finally gave him that job. His presidency was a weak extension of Teddy Roosevelt's (whom he also managed to alienate), and marked by more help than hindrance to progressives. He did better in his "day job" at the Court.
12. George H.W. Bush (1989-1993). Voters probably wished he'd continue Reagan's policies, but Bush leaned toward "moderate" policies (including higher taxes) and opened the door to criticism from the Left (for being Republican) and Right (for being one in name only). Bush gave us Ross Perot, and Perot gave us Bill Clinton (twice).
... One more interruption: we're entering the bottom six on my ranking, and you'll notice it's populated by guys the nation's opinion leaders LOVE. Since grade school, you've heard nothing but glowing praise of these presidents, but they were actually the collectivists' "dream team" who've largely combined to drive the nation from prosperity to mediocrity.
13. Franklin D. Roosevelt (1933-1945). Everyone I know from FDR's generation loves him. If I knew only what he said in his first inaugural (... "our true destiny is not to be ministered unto but to minister to ourselves..."), I'd be a fan. But he seemed to change his mind. He did get us through WWII, but his socialist policies greatly extended the Great Depression. Our economy today is chained to entitlement programs which began under FDR, and it may never free itself.
14. Lyndon B. Johnson (1963-1969). Statists love the way LBJ picked up (and greatly amplified) FDR's "progress" toward big central government. He added wildly to entitlements, and still found time to escalate the Vietnam War until it became one of the nation's darkest episodes. JFK, who tabbed him for VP, would not have been happy with the direction LBJ took the country (and the world).
15. Herbert Hoover (1929-1933). If JFK was a conservative Democrat, you can't find a more liberal Republican than Hoover. He wanted to feed and take care of the whole world, until he started to run out of other people's money. FDR extended the Depression (and used it to build a political empire), but they were Hoover's progressive policies which caused a stunning reversal from the "Roaring Twenties" and created the Great Depression in the first place.
16. Jimmy Carter (1977-1981). The nation learned some new words during Carter's administration, including "gas shortage" and "misery index." His leftist policies drove the country to high inflation, high unemployment, high taxes, and low morale. He also seems to be the author of our current foreign policy (the opposite of Reagan's notion of peace through strength), marked by insults to our best allies and acquiesence to our enemies. Oh, don't forget the other term we learned: "hostage crisis."
17. Woodrow Wilson (1913-1921). Until recently, Wilson was the worst president ever for the Constitution and prosperity. He brought us the income tax (which had been ruled unconstitutional twenty years earlier), the Federal Reserve (you'll recognize their work in the current economy), and the weakening of our national sovereignty by way of his push for internationalization of power through his pet project, the League of Nations. Read his favorite book, "Philip Dru, Administrator" and you'll know all you need.
18. Barack Obama (2009-present). President Obama's skilfull push of the nation toward collectivism is well documented. The story of his administration is not yet concluded, but it would have to make a sharp turn indeed to convince anyone he was up to the constitutional chores described in his oath of office. He seems fully bent toward presiding over the decline (if not the demise) of the American constitutional republic. But he is a great speaker, and sounds smart no matter what he says.
This ranking is just my opinion, of course, and I debated myself on some of the rankings. But it's "directionally correct," as far as I'm concerned. Ask yourself this: as mediocre as he was, did George W. Bush deserve all the blame he got from the media and other opinion leaders? When he left office, unemployment was around five percent and gas was around $1.86 a gallon. The Brits and Israelis loved us, and fought by our side... the terrorists feared us, and dared not attack us again. And smart young people still wanted to go to medical school.
The trend is clear. If you want to build and protect wealth, the time is now to prepare. Start a business, if you can, so you won't be chained to an employer. Get smart about the coming changes in the global economy. And invest like a contrarian. When the whole thing comes crashing down, you need to be the one who takes care of your family, some of whom will be waiting for the next handout that just isn't coming.
by Michael D. Hume, M.S.
Maybe you think the performance of the U.S. government - and, as its most prominent representative, the president - doesn't have much to do with your ability to build and protect your personal wealth. I would agree that it isn't the top factor that determines your success, but federal policies do play a part in creating a business/investment environment that either helps or hinders you. And over the past century, the 18 different administrations have combined to move the United States "progressively" toward an America virtually unrecognizable to prior generations - one in which prosperity is a tricky business, indeed.
It might be simplistic, and I certainly invite discussion, but today I'm ranking the men who've held the office of President since 1911 in terms of how well they did in resisting this "progress" toward socialism/collectivism by their overall support of the U.S. Constitution. My thinking is this: if, as the foremost leader of the federal government, the president can do a good job at fulfilling his/her oath to uphold the Constitution, prosperity generally becomes much easier to obtain in America (and, frankly, elsewhere in the world). When the president fails to protect the Constitution (or, worse, attacks it), he or she aids the progressive march toward collectivism - but pulls the nation away from prosperity and strength.
There are six purposes set forth in the Constitution's preamble - six "jobs" the president must lead the nation in accomplishing. Quoting, these jobs are to (1) form a more perfect union, (2) establish justice, (3) ensure domestic tranquility, (4) provide for the common defense, (5) promote the general welfare, and (6) secure the blessings of liberty for ourselves and our posterity. Of course, progressives would argue that their penchant for collectivism, central government planning, and control of the populace by means of dependence upon government hand-outs forms the best route toward these six ends. Indeed, since the past century has also seen the gradual takeover by liberal progressives of the nation's public-opinion drivers (education, entertainment, government, and the media), we've all grown up with lionized images of poor presidents and slanderous views of good ones. But history has proven them wrong. The "general welfare" is better served, it turns out, by economic freedom than by entitlement programs known generally as "welfare."
Here's my ranking on how well the various presidents have held the Constitutional line - and protected the world's engine of prosperity - over the past hundred years. Feel free to disagree, and please leave a comment if you do.
1. Ronald Reagan (1981-1989). At a time of great need both domestically and internationally, Reagan turned the nation around. His "Reaganomics" policies produced the greatest period of economic growth in the nation's history, and his emphasis on "peace through strength" ended the dangerous Cold War without bloodshed.
2. Calvin Coolidge (1923-1929). Lately, investors have clamored for the next Reagan - but what we might really need today is what Reagan really was: the next Coolidge. "Silent Cal," a reluctant public servant, curtailed the power of public-sector labor unions and used "hands-off" economic policies to free the markets and make the '20s roar.
3. Warren G. Harding (1921-1923). He was stained by the "Teapot Dome" scandal, and villified in the media as a sell-out to oil interests (sound familiar?)... and Harding was a man of despicable character in his personal life. But his policies, carried on after his untimely death by Coolidge, helped freedom and blocked progressivism.
... Let me just pause the proceedings to point out that, so far, you would have heard nothing good about these three presidents from the liberal media. In fact, their rankings would probably be a simple reversal of this list.
4. John F. Kennedy (1961-1963). The Left has edified JFK because he was a Democrat, and a martyr. But if they studied the substance of his policies, collectivists would not be Kennedy fans. "Ask not what your country can do for you" does not fit their template! JFK was the most conservative Democrat since Grover Cleveland.
5. Harry S. Truman (1945-1953). In contrast to JFK, Truman was perhaps an embarrassment to liberals because he ended World War II with a nuclear bang. But if only for that one act, Truman deserves a place in the "front nine" of the century's presidents for decisively putting America (and freedom) in a global leadership position.
6. Richard Nixon (1969-1974). Infamous (and impeached) for being a liar, Nixon is far from worthy of praise as a person. But his lies were far less consequential to the nation and world than his actions. His best accomplishment was ending Johnson's War in Vietnam. His worst? Not Watergate, but floating the dollar.
7. Bill Clinton (1993-2001). Speaking of impeached liars, like Nixon, Clinton's lies just weren't that important. And, like Nixon, he's not a person of high character. Clinton belongs in the front nine, though, because he worked with a Republican congress to stem the tide of a growing government and poisonous entitlement programs.
8. Dwight D. Eisenhower (1953-1961). "Ike" was a better general than president, to be sure, and I'm not ranking generals here. He did preside over a period of great peace and prosperity. Ike also gave us the interstate highway system, which has been a better support for the economy than any of the liberals' doled-out "stimulus" shams.
9. Gerald Ford (1974-1977). Ford did much to clean the stains Nixon left on the presidency, but did more for the office than for the nation. He was a man of high character, but perhaps low ability as president. Where Reagan was able to influence a Democrat-controlled Congress, Ford was not. Congress had its way with him.
10. George W. Bush (2001-2009). W's biggest transgression was that he sounded stupid, even when he said smart things. That, plus his "moderate" leanings, combined to alienate Republicans and earn downright hatred from the Left, which combined to give us Barack Obama (see far below). But for all the blame, he left us in OK shape.
11. William Howard Taft (1909-1913). Taft really just wanted to be Chief Justice of the Supreme Court, and Harding finally gave him that job. His presidency was a weak extension of Teddy Roosevelt's (whom he also managed to alienate), and marked by more help than hindrance to progressives. He did better in his "day job" at the Court.
12. George H.W. Bush (1989-1993). Voters probably wished he'd continue Reagan's policies, but Bush leaned toward "moderate" policies (including higher taxes) and opened the door to criticism from the Left (for being Republican) and Right (for being one in name only). Bush gave us Ross Perot, and Perot gave us Bill Clinton (twice).
... One more interruption: we're entering the bottom six on my ranking, and you'll notice it's populated by guys the nation's opinion leaders LOVE. Since grade school, you've heard nothing but glowing praise of these presidents, but they were actually the collectivists' "dream team" who've largely combined to drive the nation from prosperity to mediocrity.
13. Franklin D. Roosevelt (1933-1945). Everyone I know from FDR's generation loves him. If I knew only what he said in his first inaugural (... "our true destiny is not to be ministered unto but to minister to ourselves..."), I'd be a fan. But he seemed to change his mind. He did get us through WWII, but his socialist policies greatly extended the Great Depression. Our economy today is chained to entitlement programs which began under FDR, and it may never free itself.
14. Lyndon B. Johnson (1963-1969). Statists love the way LBJ picked up (and greatly amplified) FDR's "progress" toward big central government. He added wildly to entitlements, and still found time to escalate the Vietnam War until it became one of the nation's darkest episodes. JFK, who tabbed him for VP, would not have been happy with the direction LBJ took the country (and the world).
15. Herbert Hoover (1929-1933). If JFK was a conservative Democrat, you can't find a more liberal Republican than Hoover. He wanted to feed and take care of the whole world, until he started to run out of other people's money. FDR extended the Depression (and used it to build a political empire), but they were Hoover's progressive policies which caused a stunning reversal from the "Roaring Twenties" and created the Great Depression in the first place.
16. Jimmy Carter (1977-1981). The nation learned some new words during Carter's administration, including "gas shortage" and "misery index." His leftist policies drove the country to high inflation, high unemployment, high taxes, and low morale. He also seems to be the author of our current foreign policy (the opposite of Reagan's notion of peace through strength), marked by insults to our best allies and acquiesence to our enemies. Oh, don't forget the other term we learned: "hostage crisis."
17. Woodrow Wilson (1913-1921). Until recently, Wilson was the worst president ever for the Constitution and prosperity. He brought us the income tax (which had been ruled unconstitutional twenty years earlier), the Federal Reserve (you'll recognize their work in the current economy), and the weakening of our national sovereignty by way of his push for internationalization of power through his pet project, the League of Nations. Read his favorite book, "Philip Dru, Administrator" and you'll know all you need.
18. Barack Obama (2009-present). President Obama's skilfull push of the nation toward collectivism is well documented. The story of his administration is not yet concluded, but it would have to make a sharp turn indeed to convince anyone he was up to the constitutional chores described in his oath of office. He seems fully bent toward presiding over the decline (if not the demise) of the American constitutional republic. But he is a great speaker, and sounds smart no matter what he says.
This ranking is just my opinion, of course, and I debated myself on some of the rankings. But it's "directionally correct," as far as I'm concerned. Ask yourself this: as mediocre as he was, did George W. Bush deserve all the blame he got from the media and other opinion leaders? When he left office, unemployment was around five percent and gas was around $1.86 a gallon. The Brits and Israelis loved us, and fought by our side... the terrorists feared us, and dared not attack us again. And smart young people still wanted to go to medical school.
The trend is clear. If you want to build and protect wealth, the time is now to prepare. Start a business, if you can, so you won't be chained to an employer. Get smart about the coming changes in the global economy. And invest like a contrarian. When the whole thing comes crashing down, you need to be the one who takes care of your family, some of whom will be waiting for the next handout that just isn't coming.