Freedom is under fire—from both sides of the aisle. Critics say the free market isn’t working, yet their examples—housing, healthcare, education—are all heavily regulated. The problem isn’t the market; it’s the lack of one. As Friedman warned, skepticism of markets often masks a deeper discomfort with freedom itself.
Tariffs are often justified by the idea of restoring lost manufacturing jobs—but the data tells a different story. Manufacturing’s share of GDP has barely changed since 1947. While 6.7 million manufacturing jobs were lost since 1979, 9.4 million were gained in trade, transportation, and utilities. And today, there are more auto manufacturing jobs than in 1993. The narrative doesn’t match the numbers.
Despite the S&P 500’s steady climb, the market has been anything but consistent. Early 2024 saw broad gains across all sectors, but by Q2, only large growth stocks held up while others declined. Q3 flipped again, favoring small and value stocks. Then December hit—with nearly everything down 7–8%, except large growth, which barely stayed positive. Beneath the surface, volatility is wearing thin.
