The U.S. Economy is severely mismanaged, and the impact is being felt most sharply by the middle class. From high taxes which drive employers to move overseas, to the diversion of funds from crucial needs to nonessential programs, Washington has steered America in the wrong direction.
The U.S. Treasury reports that the federal debt as of May 10 had reached $19,204,514,007,221.38. CNS notes that this catastrophic figure exists despite the fact that FY2016 Taxes set a record through April– $12,679 Per Worker! Revenue isn’t the problem. Government spending on the wrong priorities is.
Not to be overlooked in the factors affecting the economy is the White House’s environmental policies, emplaced without the consent of Congress. For example, Hot Air reports that there is “visceral disgust” for Obama’s environmental policies in the Appalachian counties… West Virginia…energy costs are expected to go up 40 percent under Obama’s Clean Power Plan (CPP), which sets to cut greenhouse gas emissions by 32 percent by 2030 from 2005 levels. It’s a regulatory nightmare, a job killer, and a policy that Hillary Clinton plans to continue if she’s elected.”
The Stratfor intelligence organization reported in 2013: “The threat to the United States is the persistent decline in the middle class’ standard of living, a problem that is reshaping the social order that has been in place since World War II and that, if it continues, poses a threat to American power… In the 1950s and 1960s, the median income allowed you to live with a single earner — normally the husband, with the wife typically working as homemaker — and roughly three children. It permitted the purchase of modest tract housing, one late model car and an older one. It allowed a driving vacation somewhere and, with care, some savings as well… Government programs frequently fail to fulfill even minimal intentions while squandering scarce resources…”
A just released report from the Pew Research Center reveals that “The American middle class is losing ground in metropolitan areas across the country, affecting communities from Boston to Seattle and from Dallas to Milwaukee. From 2000 to 2014 the share of adults living in middle-income households fell in 203 of the 229 U.S. metropolitan areas examined in a new Pew Research Center analysis of government data. The decrease in the middle-class share was often substantial, measuring 6 percentage points or more in 53 metropolitan areas, compared with a 4-point drop nationally.
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“The shrinking of the middle class at the national level, to the point where it may no longer be the economic majority in the U.S., was documented in an earlier analysis by the Pew Research Center. The changes at the metropolitan level, the subject of this in-depth look at the American middle class, demonstrate that the national trend is the result of widespread declines in localities all around the country.”
The reason for the recent decline of the U.S. middle class and the general weakness in the U.S. economy is not the result of a cyclical downturn in business, or the bursting of a bubble. It is not a reflection of the 2007—2009 recession. It is the specific result of federal tax and spending practices which ignore the needs of the private sector, and redirects federal dollars away from essential needs such as economic growth, defense and infrastructure and towards entitlements (but NOT Social Security of Medicare.)
In the 1950s, Washington spent significantly on infrastructure, building the interstate highway system. The nation prospered. In the 1980s, President Reagan spent vast sums on the military, and the economy grew stronger. Just as it did in the period before World War II, the dollars spent on defense provided jobs—middle class jobs. The shrinking of programs to build badly needed replacement weapons for the aging equipment in the armed forces depresses the economy, and the shrinking manpower of the military increases unemployment.
The huge increase in entitlements (such as the 41% increase in the Supplemental Nutrition Assistance Program) drains funds from essential needs and provides a drag on economic growth. If, instead of spending more on entitlements, the Obama Administration had lowered taxes and cut back on regulations, business would have expanded, more jobs would have been created, and the resulting growth would have strengthened the economy.