For as long as any of us has been alive, America has had a better way.
Our free market economy, complemented by the freedoms documented in our Bill of Rights, have combined to make America the envy of the world. Our economic strength has also translated into an ability to spread freedom in other parts of the world. Based on the strength of our principles, our economy, our people and our leadership, America won the Cold War without firing a shot.
But what’s happening today?
Growth is taking place at a glacial place, debt is out of control, incomes are down and unemployment has been chronically high.
“Compared with the average postwar recovery, the economy in the past six years has created 12.1 million fewer jobs and $6,175 less income on average for every man, woman and child in the country,” former U.S. Senator Phil Gramm wrote last week in The Wall Street Journal. “Had this recovery been as strong as previous postwar recoveries, some 1.6 million more Americans would have been lifted out of poverty and middle-income families would have a stunning $11,629 more annual income. At the present rate of growth in per capita GDP, it will take another 31 years for this recovery to match the per capita income growth already achieved at this point in previous postwar recoveries.” (more…)