4 Benefits of Economic Prosperity

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Excerpt from Lead Like Reagan
 

Live prosperously so that others may more prosperously live

One day, while addressing a class of 8th graders about the benefits of living in a prosperous economic system, I asked the students, “Can you think of any reasons why it might be a good thing that doctors, for instance, are able to earn a lot of money?”

One student said that our health is very important to us, and that earning a good income is an incentive for talented people to make the effort to attend medical school. Another student took a poke at me. “I know why you like that they make a lot of money. Because then you can sell them real estate!” We all laughed, and I agreed that it was true.

I then asked if anyone else could think of a reason why it was a good thing that doctors earned a high income. Suddenly, an arm shot up and started waving back and forth. “Oh! Oh! Oh!” He could hardly contain himself before I called on him.

“Because my dad’s a doctor!”

That’s a great reason too.

And I will never forget the day I was driving through a university district, and the car in front of me had a bumper sticker that read: Live simply so that others may simply live. My first thought was to place another bumper sticker next to that one, that read: Live prosperously so that others may prosperously live

While it is generally agreed that the love of money is not a good thing, there are …

4 benefits of economic prosperity that Americans experienced in the 80s

  • More Control

    During the economic boom that took place during the prosperous 80s, Americans were left with more control over their hard earned dollars. True to form, they responded with tremendous generosity to those less fortunate.

  • Charitable Giving Doubled (during the 10-year period that some people labelled ‘The Decade of Greed’)

    Americans responded to their prosperity by contributing twice the amount to charitable causes.  They also increased the amount of time they volunteered to helping various groups.

  • More Jobs and a Better Environment

    Jobs were available again. 21% interest rates were cut in half and new homes became affordable. The misery of high inflation was brought under control. And, during this enormous economic expansion, the largest ever experienced by our country during a time of peace, the air quality in our physical environment was made cleaner!

  • Prosperity Becomes Contagious!

    By pointing to the success happening in America, England decided to pass reforms in their country that also brought great prosperity to the British people. It proved that prosperity is contagious!

A temptation to romanticize a sputtering economy

Sometimes, we assign a sort of romanticism to a slow and sputtering economy. One of the reasons for this might be due to the tremendous respect we have for the courageous people who demonstrate such awe-inspiring behavior while facing economic hardship. But it is a mistake to ignore the incredible suffering and loss of freedom that results from unprosperous conditions. Prosperity, of course, comes in many forms, and most of them transcend mere economics. Most people agree that economic health is but one small aspect of prosperity we should aim towards. As leaders of our families and organizations, the healthier we become financially, physically, and spiritually – the more prosperity we can share with others.

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