The Republican Crony Capitalism Problem
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Congressman Jeb Hensarling (R-TX) recently spoke with the Wall Street Journal about the problem the Republican Party has with “crony capitalism.”
Crony capitalism isn’t really capitalism at all, but rather is more akin to a benevolent fascism where politicians protect and reward their friends and donors in the business community for the financial support of those friends and donors. They typically reward those friends and donors with favorable legislation, tax breaks, exceptions to laws that other business must obey, etc.
In short, crony capitalism has the appearance of support for the free market, but is in reality just plain ole’ corruption. It has much less to do with a “free” free market and more to do with illegitimate, incestuous (and nest-feathering) ties between government and business.
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It is also a key engine in protecting incumbents in office against new and healthy competition, and usually does so at the taxpayer’s expense–both the expense of their tax dollars and their freedom.
Government best supports the free market by keeping taxes and regulation low, and staying out of the way of business enterprise. Government should not be picking winners and losers in the free market–rewarding some and punishing others.
That is the major problem the GOP has with crony capitalism here in my state, and at the national level.
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And it has to stop, if the Republican Party is to continue to be a vibrant party…and if America is to continue to be a vibrant nation.
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