The cult of the state. A great article on the destruction of the modern nation state at the hands of unfettered and untutored statism. Bankruptcy not only of economics and politics, but of culture.
The following chart brings the numbers into focus (source). (In 1947, the population of the USA was 148 million. Today, it's 312 million -- an increase of 111%.)
|
|
1947 |
1972 |
2011 |
Growth 1947-2011 |
|
Gross Domestic Product |
$ 2,700 billion |
$ 7,520 billion |
$ 15,100 billion |
459% |
|
Government Spending-Total |
560 " |
2,200 " |
6,100 " |
989% |
|
Spending as % of GDP |
20.7% |
29.3% |
40.5% |
|
|
Government Social Spending* |
$ 136 billion |
$ 1,070 billion |
$ 3,670 billion |
2,598% |
|
Social Spending as % of Total |
24.3% |
48.6% |
60.2% |
|
(*Pensions, Health Care, Education, and Welfare)
While the GDP has increased by a factor of 5.5, spending has increased by 10.5, or nearly double the GDP growth rate. This means that there is much less money available in the economy for job-creation, business-expansion and wealth-formation. If in 2011 total government spending had been at 33% of GDP, an additional $1,132 billion, or $1.13 trillion, would have remained in the private economy.