“We squander health in search of wealth,
We scheme and toil and save,
Then squander wealth in search of health,
And find at last a grave.”
—Henry Winn (“Maxims of Wall Street,” p. 21)
Happy Pioneer Day (July 24)!
Last month on the Forbes cruise for investors, I showed a series of charts entitled “Amazing Graphs” (a play on “Amazing Grace”).
I’ve found another graph that shocked me when I saw it. It shows you how much has changed in the United States in a generation, from 1990 to 2025.
Here is a map of the employment in the United States over the past 35 years.
In 1990, manufacturing dominated the United States, from coast to coast, East to West, North and South.
Today, healthcare is the #1 employer. Only a few states still focus on manufacturing. For the rest, it’s all about healthcare — big pharma, wellness centers, vitamin business, hospitals and urgent care centers, medical doctors, nurses and staff, insurance companies and lawyers who sue healthcare providers.
Some economists may argue this is a natural evolution in the economy as we get richer. America started out as an agricultural nation, then switched to industry, followed by professional services including healthcare.
If that is the case, then President Donald Trump’s efforts to bring back manufacturing will be a fool’s errand and reactionary to progress. He may be able to bring back some manufacturing to this country, but ultimately he will fail, like bringing back the horse and buggy.
But this chart also reflects the bloated nature of healthcare services, which now represent 18% of GDP, the highest in the world. Meanwhile, countries like Singapore spend 5% of their GDP on healthcare, and on average their citizens have a longer life span than Americans. Much of the cost of healthcare and medical services are due to government intervention and a dysfunctional legal system.
Ben Franklin on the Importance of Diet, Exercise and Mental Health
The key to a long, healthy life involves a variety of factors: waking up every morning excited about the day’s challenges… regular exercise… good eating habits… friendships… humor and entertainment… and a positive mental attitude.
In my new Franklin book, I have several chapters on how our founding father lived a largely happy life into his 80s. Despite many physical and professional setbacks, he looked forward to every day. He found friendship and frequent travel to be a source of happiness.
When in France, he wrote a friend: “We had a terrible winter in France… Yet I was still alive, the sun started to return, the days to lengthen, the spring to come, the trees and gardens to regain their vendure, all nature to laugh, and to me, happiness.”
Regarding old age, he wrote another friend: “People who live long drink of the cup of life to the very bottom and must expect to meet with some of the usual dregs; and when I reflect on the number of terrible maladies human nature is subject to, I think myself favored in having only three incurable ones that have fallen to my share, viz., the gout, the stone and old age; and that these have not yet deprived me of my natural cheerfulness, my delight in books and enjoyment of social conversation. There are many sorrows in this life, but we must not blame Providence inconsiderately, for there are many more pleasures. This is why I love life.”
See especially these chapters in “THE GREATEST AMERICAN:”
Chapter 27: On Diet, Exercise and Medical Science
Chapter 28: Retirement and the Secret to a Long Life
Chapter 60: On a Lifelong Education
Chapter 62: On the Importance of Good Humor and Laughter
Chapter 63: On Chess, Sports and Other Games
Chapter 69: On Giving and Charity
Update on My Book
Good news! My new book goes into a Second Printing, and an audiobook is now available. In less than two months, my new book is now in its second printing.
The book is now available as an audiobook and ebook at The Greatest American: Benjamin Franklin, The World’s Most Versatile Genius: Skousen, Mark: 9781645721000: Amazon.com: Books.
If you order the hardback through my website, Skousen Books at Discount, you pay only $24 ($19 for additional copies). I autograph every copy and will include a rare Franklin stamp with each book, making your book a collectible. All books are mailed free of charge inside the United States.
Upcoming Appearance in Washington DC
Special Announcement: I’ll be doing a luncheon talk on “THE GREATEST AMERICAN,” followed by an autograph session next Wednesday, July 30, 12:00 to 1:30 p.m., at the Heritage Foundation headquarters in Washington DC. If you would like to be my guest, email me at mskousen@chapman.edu. You must receive an official invitation to attend this luncheon, as it is limited.
Ed Feulner was a long-time friend and colleague in the freedom movement. He died last week at the age of 83. Here is a tribute: Heritage Foundation Mourns the Loss of Its Founder, Ed Feulner | The Heritage Foundation. Ed was a unique figure. He was the co-founder of more freedom organizations than anyone I know. He was the president of the Heritage Foundation, long-time secretary of the Mont Pelerin Society, twice president of the Philadelphia Society and one of the founders of the Council for National Policy. I’ve been a supporter or a member of all these organizations except the Philadelphia Society.Ed was also a big supporter of FreedomFest; he always saw the freedom movement as a big tent with his Resource Bank.
Feulner was instrumental in creating, along with Milton and Rose Friedman and Michael Walker of the Fraser Institute, the Economic Freedom Index (published by both the Fraser Institute and the Heritage Foundation), which has been highly influential in ranking countries by economic freedom… Note the decline in economic freedom in the United States since 9/11 in 2001.
Hopefully we will make America free again!
We will dedicate our general session room to Ed Feulner at next year’s FreedomFest, where we will celebrate the 250th anniversary of our nation’s founding. I hope to see you July 8-11, 2026, at Caesars Forum, Las Vegas: www.freedomfest.com.
Good investing, AEIOU,
Mark Skousen
