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“Economic growth since 2000 has fallen by half compared with the last half of the twentieth century,” continues Cochrane.

From 1950 to 2000, the U.S. economy grew on average 3.56% annually. Since 2000, the annual growth rate averages 1.96% per year.

What does this mean? “The average American’s income is already a quarter less than under the previous trend,” notes Cochrane.

The latest projections from the Congressional Budget Office take this bleak picture and projects into territory that is even bleaker.

More government, more debt, less growth.

First, a little perspective. In 1950, federal government spending as a percent of GDP stood at 15.3%. In 2000 it stood at 17.7%.

CBO projects that in 2024 federal government spending will be 23.6% of GDP; by 2035 it will reach 24.9%, rising to 26% by 2040 and 28.3% by 2050.

Corresponding CBO projections for the federal debt held by the public as a percent of GDP: 2024, 100%; 2035, 120%; 2040, 134%; 2050, 181%.

And the projected real growth rates for the U.S economy: 20222033,1.8%; 2034-2043, 1.6%; 2044-2054, 1.5%.

U.S. Treasury Secretary Janet Yellen has returned from a trip to China out of concern for China’s aggressiveness on the world stage.

China does indeed pose a threat to us. But the first order of business in dealing with threats from abroad is making our own country as strong as possible. And this is where our failure is taking place.

Biden’s approval rating has actually increased over recent weeks. And polling shows a presidential contest with Biden running against the leading Republican candidates basically too close to call. This should not be the

case. The decline of our nation is crystal-clear for any clear-thinking and honest observer.

We need Republicans who are ready to deliver a clear message to the American people about how we will shrink the massive growth of government that is destroying our national vitality.

Our entitlement programs — Social Security and Medicare — drive some two-thirds of our federal expenditures. These are systems that are dinosaurs, with Social Security going back to 1936 and Medicare to 1965.

Reform needs to take place, not in the form of cosmetic changes, but deep and real change in the way of personalization.

Republican primary voters must demand a clear and bold vision from candidates about how they plan to restore an America that will once again grow at 3.5% per year.

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. COPYRIGHT 2023 CREATORS. COM

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