Traces the growth of government, the diminished individual rights of the last 80 years and what new and young voters must understand, then do, to avoid the coming likelihood of a rapidly eroding living standard and loss of freedom.
Excerpt
The cost of government as a per cent of GDP, has a powerful affect on your income and standard of living. Responsible new employees/new voters, paying attention and acting upon what this cost will be, should take action. Failure to do so could result in a crushing burden, to you personally, and to the country. Excessive government spending-especially federal spending-not only siphons off an unnecessarily large portion of the income you will be earning, it will already have diminished what those earnings will be--as we will show in many instances. America has had two spectacular periods of growth in which federal spending was either seriously reduced or almost non-existent. The first was after the Civil War, the second was in the 1920’s. The results were spectacular in each. In 1865 U.S. per capita income was 2/3 of the United Kingdom, which then, was the world’s economic giant. By the turn of the century U.S. per capita roared past the UK turning that figure upside down, making our per capita income 1½ times more than theirs and dwarfing most nations of the world. Cost of government then was 3%. Today it is 40%. In 1913, the first ever income tax was enacted. By 1920, the cost of government had soared—the economy plunged. During the 1920's, government costs were cut dramatically--the economy roared. Results of reduced federal spending in the 1920's:
Gross National Income increased by 7% every year from1923 to 1929.
Unemployment averaged 3.3% 1922 to 1929.
Per capita income (every man woman and child) increased 30%-1922 to 1929.
Automobile ownership nearly tripled.
Wage earners increased wages more than 20%
Inflation was almost non-existent
Hours worked per week decreased even as wages soared.
The national debt in1923--$22.3 billion—was cut to $16.9 billion by 1929
Tiny Hong Kong: In 1947 Hong Kong, was as poor as the poorest African nations. It then put strict limits on government spending and government interference of any kind.
With just one (1) natural resource-a great deep water seaport-but holding average government spending below 15% for the next 50 years, Hong Kong soared. Its per capita income today, as measured by international financial organizations is higher than the U.S among some organizations, slightly lower among others.
A four decade study of 31 OECD nations revealed that, the further the cost of government rose above 25% of GDP, the more economic growth suffered and vice versa.
Today, an aging U.S. population, increasing government cost by trillions, is heavily loaded on the backs of new workers. It needs serious restructuring--but quick!
Worse, a 2012 Hudson Institute report (1) by Tim Kane, revealed that after the Reagan presidency, there were 11.3 start up jobs for each 1000 Americans, dropping slightly under Bill Clinton and GW Bush, then plunging to 7.8 start ups per thousand under Barack Obama.
Will you grasp the enormous importance of seriously reducing the reckless spending now taking 40% of GDP, with federal spending alone, taking 25%, the highest ever in times of peace?
More importantly will you get involved in some form in the political process, by being informed, by voting and by serving in some way, for example as a poll watcher, on the board of education, maybe running for city council? Act now—your future depends on it!
(1) Tim Kane, Hudson Institute, The Collapse of Startups in Job Creation, September 2012
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