The United States recovered from the downward spiral that typified the ‘70s and returned to the economic pinnacle. But now, many worry that international competition and financial crises will once again put the country on the road to second-class economic status. In fact, some members of the “panic du jour” crowd have started referring to the United States as a “Third World” country. That couldn’t be further from the truth. We’ll show you why the smart money, whether from New York or Dubai or Singapore, continues to bet on American preeminence.

A major problem with high taxes and the nanny-state programs they support is that they tend to attract the least productive and drive out the most productive. And that’s precisely what’s happened over the past decade in the United States. We’ll examine this trend and offer some forecasts about its long-term implications.