It is Independence Day and we rightfully celebrate the beginning of this great nation. Often, the discussion of our independence and accompanying freedoms revolve around our political freedoms such as speech, assembly, religion, bearing arms, trial by jury, elections, etc.

But I believe we need to pay more homage and attention to our economic freedoms.

If it is true that we own ourselves, and are not slaves, then our ability to freely engage in economic activity is a prerequisite. If you can’t voluntarily engage in economic transactions involving your labor or property, then you are not free.

Political “freedom” without economic freedom amounts to only having the right to vote for who your masters are going to be!

Think about our Revolution. “No taxation without representation”; the Boston Tea Party—these related to economic as much as political freedom.

Today, we have lost large portions of our economic freedom.

The government decides the minimum wage rate at which you can offer your own labor.

The government decides how efficient your air conditioner and car must be.

The government taxes and regulates all sorts of economic activity at obtrusive levels.

The government effectively sets the prices for most of our healthcare services.

As this control over our economic lives has accelerated, particularly since the Roosevelt administration, we’re desensitized to it.

America used to be a place where one could easily start and own a business with minimal regulation and paperwork. Not anymore.

Think about the taxes you pay: Federal Income Tax, State Income Tax, Sales Tax, Property Tax, Gasoline Tax, Withholdings/FICA Tax, Medicare Tax, Estate Tax, etc.

And then think about how your money is spent!

Take a few minutes on this Fourth of July and think about all your economic activities—buying, selling, saving, investing, and providing for your children.

Then think about how much federal, state, and local governments tax and regulate those activities.

Are you truly free when someone or something is able to take so much of your income? Are you truly free when someone or somebody has the audacity to tell you what to do and how you should live your life?

The Nobel Laureate economist Milton Friedman wrote a book called Capitalism and Freedom in which he describes economic freedom.

I’d only dispute the title Friedman gave to the brilliant ideas in his book.

It should’ve been called Capitalism is Freedom.

And that, my fellow citizens, is my Fourth of July message to all of you.