Furthermore, the unearned increment from land appears in the United States as a gain to the first comers, who have here laid the foundations of a new State.

The United States appears to be a debtor nation in perpetuity.

It is a beneficent incident of the ownership of land that a pioneer who reduces it to use, and helps to lay the foundations of a new State, finds a profit in the increasing value of land as the new State grows up.

The mission of the United States is one of benevolent assimilation.

Most people think we're in for a couple more rate hikes in the United States. We'd argue that that would make life more difficult for equity markets but so far they seem to be trickling along quite nicely.

Moreover, there is an unearned increment on capital and on labor, due to the presence, around the capitalist and the laborer, of a great, industrious, and prosperous society.