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On Economic Mobility, Economic Freedom, and Prosperity

"Historically, our nation has enjoyed remarkable economic mobility. About 60 percent of the households that were in the lowest income quintile in 1999 were in a higher quintile ten years  later. During the same decade, almost 40 per- cent of the richest households fell to a lower quintile. This is a nation where you can rise or fall. It is a nation where you can climb the economic ladder based not on who you are born to, or what class you are born into, but based on your talents, your passion, your perseverance, and the content of your character.

"Economic freedom and the prosperity it generates reduce poverty like nothing else. Studies consistently confirm that countries with higher levels of economic freedom have poverty levels as much as 75 percent lower than countries that are less free."

~ Ted Cruz, U.S. Senator (Texas)

Source: Adapted for Imprimis from his May 11, 2013 speech at Hillsdale College's 161st Commencement.

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