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according to CBO, a slowing and sputtering of the U.S. economy.
“From 2022 to 2052, real potential GDP increases an average of 1.7% per year,” per the report, compared to an average of 2.4% over the previous 30 years, 1992 to 2021.
However, from 1950 to 2000, the U.S. economy grew at an average annual rate of 3.5%.
So, per the picture CBO paints for us regarding our economic future, we can expect growth to be half what it averaged for the half century following the end of World War II.
What does this mean to the average American?
Per Hoover Institution economist John Cochrane, it means that over the next 50 years household income will be half of what it would have been had the economy grown at the faster historical rate.
This is not a pretty picture for any American.
But for low-income Americans, it is particularly dismal.
The American dream has always been that although you may start with nothing, there is a future for you to build and accumulate wealth.
That dream is being shattered.
And it is being shattered by government and politicians — Democrats who now control our government — who pretend to be concerned about these same low-income Americans.
More and more government spending, more and more government sucking the oxygen out of our economy by pulling resources away from the private sector and redirecting it toward political control, supposedly to help “havenots,” just destroys opportunity for everyone.
In Gallup polling reported in a survey done by my organization CURE, 70% of Black Americans feel the country is divided into “haves” and “have-nots,” and 57% of Blacks feel they are among the “have-nots.”
The challenge of all those who see the whole nation sinking under the weight of misguided government, and certainly I am talking about Republicans, is to reach our Black citizens and get them to believe that the path to opportunity, the path to becoming a “have,” is a free economy.
If our Black citizens, and all Americans who feel the country is unfair, realize that freedom, and not government, is the path to wealth creation, we can turn a sinking ship around.
Star Parker is president of the Center for Urban Renewal and Education and host of the weekly television show “Cure America with Star Parker.” To find out more about Star Parker and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www. creators.com. COPYRIGHT 2022 CREATORS. COM