Can we stipulate that profit is the best mechanism there is to measure and reward companies' responsiveness to consumer demand for useful and wanted products--if a company can't meet it, it goes out of business, and rightfully so. They have to compete on affordability as well. So it's a win-win for the consumer. Someone else steps up to fill the gap by doing a better job on all counts. Is losing money a virtue? I don't think so. Capitalism is inherently virtuous. Father Sirico has written another book to meet the challenge of the time: Defending the Free Market: The Moral Case for a Free Economy
And let's look to the lessons from Maggie the Iron Lady:
Private profit, if you make it, is also a ready pool of extra money for government to raid to pay for its expenses. Public employment is dependent on the wealth created from private production and private profit. So what happens when you denigrate private production and private profits, while constantly increasing public employment and public spending? Eventually, you don't have enough of the one to support the other. You cross the Thatcher Line.WSJ's Henninger puts it succinctly:
Get the growth choice right, and we'll be ok. Get it wrong and your kids will be talking Australia emigration.
Right now, with growth stuck below 2%, we're toast. With strong growth at 3% or better, there will be jobs. With long-term growth, Medicare, debt and the rest of the horribles that keep worrywarts awake at night are solvable. With strong growth, the U.S. will not have to cede world leadership prematurely to whichever Chinese functionary slugs his way to the top of their heap. With strong growth, your college graduate can move out of the house. With normal American growth, Europe may be irrelevant but it won't die, and a U.S. president won't look oddly small talking to the Vladimir Putins of the world.Much as I love the Ozzies, I'm not ready to sing Waltzing Matilda yet as an oldie down under.
And as we approach the 4th of July and the celebration of the birth of this country, it's worth bringing up again the role of our Judeo-Christian tradition in ushering in a government of the people, by the people, for the people.
The birth of freedom.
Currently under assault.
Never take it for granted.
P.S. Heritage: What You Can Do to Promote Religious Freedom. Religious freedom is the cornerstone of the American experiment