Government As the Bailout Solution Is the Path to Economic Decline
Author of Good Money Revolution: How to Make More Money to Do More Good
PUBLIUS SPECIAL GUEST: Derrick Kinney, author of Good Money Revolution: How to Make More Money to Do More Good. Derrick is CEO of Good Money Framework and host of the popular Good Money podcast.
The government is not the solution to all of our problems. In fact, relying too heavily on the government can lead to a lack of personal responsibility and a belief that someone else will take care of us. This mentality creates a cycle of dependency and limits opportunities for personal growth and success.
Let’s start with breaking the bail-out beliefs. One of the biggest misconceptions is the belief that the government will bail us out of our current and future problems. This outlook is not only unrealistic, but it also takes away our inherent power. Instead of waiting for a government handout, we should be taking steps to improve our own situations. This could mean starting a business, investing in our education or training, or saving for retirement. But having a bail-out belief only perpetuates the problem, as people become less responsible for their own lives and rely more on government assistance.
For example, we have seen this play out in the aftermath of the 2008 financial crisis and more recently, during the pandemic. Many people expected the government to bail them out of their financial struggles. Instead of taking personal responsibility and working to improve their financial situation, they relied on government assistance and stimulus programs. While these programs may have provided temporary relief, they did not address the underlying issues that led to the crisis in the first place. While the US Constitution offers Americans life, liberty, and pursuit of happiness, expecting the government to increase your happiness can lead to a disappointing life.
Next, there’s politics-induced pessimism. This is the constant negativity surrounding politics. Americans are so focused on attacking politicians and complaining about what they view as being taken away, that they take their eyes off living their own lives. This political pessimism is toxic and only serves to hold us back. We should be focusing on what we can do to improve our own lives, rather than dwelling on what the government is or isn't doing. This victim mentality can lead to feelings of helplessness and a lack of personal agency.
Elected politicians play an important role in charting the direction of our country. But history reveals that rarely does a single government decision reverse the fortunes of most Americans in their daily lives (except for example, the ending of slavery and giving women the right to vote). While many of today’s elected officials want nothing more than to be seen as social media stars, there are some who earnestly play the long game to lead our country to a better place. Is your personal future brighter by betting on the government or betting on yourself? I believe you know the answer.
What about money? Money is not bad, and you should have more of it. Many people have a negative view of money, believing it is the root of all evil. But money is not bad and good people should have more of it. It’s a tool that can be used for good. By having more of it, we can improve our standard of living, invest in our future, and help others. It is important to remember that money is not the end goal, but it is a means to an end.
The emerging cultural idea that paints wealthy people as the villain and demands that the government redistribute wealth is misguided and short-sighted. Instead, the government should be a facilitator of economic growth and prosperity. Money is not a limited resource held captive by a select few. Countless rags-to-riches stories are woven into America’s fabric. While not easy, the odds are far better that with the right tools you have a better likelihood of creating wealth for yourself than the government does for you.
In order to break free from these bail-out beliefs, politics-induced pessimism, and the idea that money is bad, we must take personal responsibility for our own lives and strive for financial independence. We should focus on building our own wealth and creating our own opportunities.
It’s important to understand that the government has its own agenda and limitations. We should be proactive in taking control of our own lives. I believe people should not settle for the crumbs tossed to them off the table by the government; I want them to have a seat at the table.
Ultimately, the real problem is thinking that the government exists to solve our problems. While many people’s pasts are defined by dependence, their present and future can be built on independence. We must be responsible for our own well-being and strive for lives we believe are possible and economic prosperity. Only then can we truly achieve the American Dream and live the lives we deserve.
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Derrick Kinney, author of Good Money Revolution: How to Make More Money to Do More Good. Derrick is CEO of Good Money Framework and host of the popular Good Money podcast.