Beginning in the late 1980’s, the cognoscenti declared that expansive government spending, globalization and free trade, combined with a comprehensive and overarching regulatory regime determined to root out so-called corruption and inequality as well as save the planet from the over blown evils of global warming, would be the course the nation should pursue. The result of this foolhardy and myopic scheme:
In 1988 the national debt of the United States stood at $2.6 Trillion, today it is over $19.0 Trillion– an increase of 635% (and projected to reach $29.0 Trillion by 2026). On the other hand the debt of all the nations on earth has grown by only 135% since 1988.
Since November of 2008 the working age population has increased by over 18 million. However, the number of those employed has increased just 5.5 million. Meanwhile those unemployed or no longer in the work force has ballooned by 12.4 million to a staggering total of 102 million or 40.4% of the working age population.
Another factor impacting on the economic health of the American people is immigration. In 1988 there were 16 million immigrants (including less than a million illegal aliens) living in the United States. Today that number has skyrocketed to 42.4 million (including an estimated 12 million illegal aliens). This enormous increase (165%) in the immigrant population has not only put pressure on a stagnant job market but it has also been a major factor in the decline of median income in the country.