Achi news desk-
Democracy is important in itself. I believe this deeply. But I also firmly believe that a strong democracy is critical to building and maintaining a strong economy.
My conviction is rooted in the United States. I believe that our democratic system, however imperfect, is central to our economic strength as the largest economy in the world, with the deepest and most liquid capital markets and global reserves.
My conviction is supported by economic research, including a recent study finding that democratization increases gross domestic product per capita by around 20% in the long term, and by what I have observed and studied throughout my life.
But democracy is now under threat. At home, years of attacks on our democratic norms and institutions reached an unprecedented level on January 6, 2021, with the attempt to block the peaceful transition of power that is at the heart of our democracy (and any other democracy).
The authoritarian regime of Russian President Vladimir Putin continues to destroy Ukraine’s future and undermine the rules-based international order. We are seeing democratic backsliding and growing tyranny around the world.
Weakening democracy undermines economic strength
Many question whether democracy can deliver. Some even go so far as to argue that giving up democracy is a fair trade or even necessary for prosperity.
Let me be crystal clear: They are wrong. Undermining democracy undermines a key foundation of sustainable and inclusive growth.
In robust democracies, free speech and free elections are a means of voicing demands between elections – from public comment to protests and a free press – that hold the government accountable. This can help the government drive the formulation of economic policies that meet people’s needs, such as investments in public goods such as health and education, and the right course over time.
Freedom to participate in the workforce drives growth by bringing more people into the economy, while the free flow of information and ideas drives entrepreneurship and innovation.
And the rule of law, upheld by strong and independent institutions, gives individuals and companies the predictability and confidence they need to invest and grow their businesses.
Inflation is still bad.it’s Trump and Biden’s fault. Who will fix it?
In authoritarian regimes, the absence of these democratic pillars undermines economic growth.
In Russia, decades of repression have driven highly educated workers from the country, taking their skills, ideas and capital with them to launch some of the world’s leading startups not from Russia but from the United States and other jurisdictions.
China and Russia are fighting over authoritarian rule
Now, Russia’s brutal and unjust war against Ukraine is further damaging its economic outlook, with its people and businesses bearing the economic costs.
As for China, it cannot be denied that it has achieved enormous economic progress over the past few decades. However, the absence of the pillars I have described, including censorship and restrictions on transparency and enforcement action against companies, will continue to pose challenges as they navigate the transition to a developed economy.
Putin used Tucker Carlson,exposing America’s vulnerability to information warfare
This does not mean that any country fully fulfills the promise of democracy, and ours is no exception.
Working families in America have faced challenges for far too long—from communities hollowed out by deindustrialization to staggering real wages. We have seen an increase in deaths from despair. This has led some to question whether our system of government is still working for them and their communities.
Since the beginning of this administration, President Joe Biden and I have worked to show that democracy can, in fact, deliver. We came into office in the depths of the recession brought on by the pandemic and we responded by providing funding unprecedented in its scale and flexibility, designed to reach every city and town and meet the needs of every American.
Our intervention saved lives, kept people in their jobs and in their homes, and allowed businesses to stay open. America bounced back quickly, with a recovery that was historically swift and historically inclusive, reaching communities that had been left out of America’s economic success for too long.
Now, we are designing and implementing President Biden’s Invest in America agenda so that no community or worker is left out or left behind. This means spreading economic opportunity beyond the coasts and wealthy backwaters and making sure that workers without college degrees can get ahead.
While we have much more to do, the results are promising − from infrastructure funding disproportionately benefiting lower-income states to the vast majority of clean energy investments since the ACT was announced in counties with graduation rates lower colleges and lower median. income.
And that same commitment to achieving democracies has shaped our diplomacy and foreign aid around the world.
I feel extremely fortunate to have been born and spent my life in America and to have benefited from the opportunities that American democracy has given me. But there are too many people across this country and around the world who have not had such opportunities. That is no reason to question the value of democracy.
At this critical moment, I believe we have no choice but to do everything we can to protect it so it can deliver, for Americans and for people elsewhere.
Our collective economic future depends on it.
