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What do the events of Jan. 6 have to do with the economy? In our opinion? Everything.
Historically, the prosperity of the United States of America flows from our freedom coupled with our adherence to a rule of law. And make no mistake, the rule of law was under threat that day.
The supreme law of the USA is our national Constitution. It establishes the process by which the the president of the United States is selected. The final stage of that process—counting the electoral votes in a joint session of the House and Senate and certifying the winner—was playing out on Jan. 6. Then a violent mob invaded the Capitol with the intention of interfering with this constitutionally mandated event. This was an insurrection. It was an attempt to disrupt a legal procedure required by the highest law of the land. Some in the mob clearly intended to do harm to elected representatives. Others wanted to execute the vice president by hanging.
However, constitutional rule prevailed. After the invaders were ejected, members of Congress unanimously and adamantly continued the certification process. The American public both hoped and expected Congress to finish its work. It did. The American public and the world applauded.
For you see, the Constitution is not just a piece of paper that establishes rules and procedures. The Constitution is the sensibilities written on the hearts of the citizen and on those who govern to follow those rules and procedures. As economist Henry Simons pointed out decades ago:
“Constitutional provisions are no stronger than the moral consensus that they articulate. At best, they can only check abuses of power until moral pressure is mobilized. …”
Free markets and free societies offer ordinary citizens opportunities unrivaled by other political and economic systems. Yet they require those ordinary citizens to accept outcomes they don’t like. I was outbid at the auction on the sports car I wanted. I am not happy, but I don’t slug my rival bidder or smash up the car. My candidate lost the election. I am not happy, but I don’t burn down the other party’s headquarters. As Russian sage Alexander Solzhenitsyn pointed out, “Freedom is self-restriction.” For without self-restriction, we descend into chaos.
If a people cannot refrain from breaking glass when upset, harsh suppressions inevitably follow—suppressions of our freedoms and of our civil, economic and political will. Our economy will stagnate, and our lives will be impoverished on all margins.•
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Bohanon and Curott are professors of economics at Ball State University. Send comments to ibjedit@ibj.com.
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Fortunately as we have a chance to unfold the truth. The angry mob in the capital building were the same rent-a-mob participants that caused havoc in cities from coast to coast. Ordinary citizens showed up on the 6th, as reported almost a million people. Where they unhappy with the election results, yes, no, maybe. But did they come to break glass and unlawfully enter the Capitol building? No people showed up to support an out going President and few Marxist showed up to make it appear they were all thugs. People who were there had no clue what was going on at the Capital it was reported that the crowd was not angry, they were just enjoying the event and hanging out. Obviously from the recent activities in Seattle and Portland the same Marxist still aren’t happy.