The wealthy Koch brothers rarely raise their heads above the parapet — even when they are "accused of being "Tea Party puppetmasters," impersonated by radio shock jocks, or attacked by hackers. But Charles G. Koch, chairman and chief executive officer of Koch Industries, has finally responded to the critics who have "vilified" him and his brother David. "We're determined to keep contributing and standing up for politicians like Wisconsin Gov. Scott Walker" who take the enormous challenges facing our government seriously, writes Koch in The Wall Street Journal. To thrive, America must tackle its debts — which means "a return to at least 2003 spending levels." What's more, government ought to keep its nose out of big business. Subsidies, regulations, and tariffs only serve to create an unfair playing field and strangle American prosperity. Here, an excerpt:
Crony capitalism is much easier than competing in an open market. But it erodes our overall standard of living and stifles entrepreneurs by rewarding the politically favored rather than those who provide what consumers want. The purpose of business is to efficiently convert resources into products and services that make people's lives better. Businesses that fail to do so should be allowed to go bankrupt rather than be bailed out...
Our elected officials would do well to remember that the most prosperous countries are those that allow consumers — not governments — to direct the use of resources. Allowing the government to pick winners and losers hurts almost everyone, especially our poorest citizens.
Read the entire article in The Wall Street Journal.