“One of the most successful political ploys is to promise people things without having the money to pay for them.” ~Thomas Sowell
From 1800-1930 the USA ran budget surpluses more than 2/3rds of years. That’s right, our tax receipts to the government were more than Congress spent! In fact, except for three major wars, The American Revolution, The Civil War, and WW I, the budget always approximated balance.
What happened to change our behavior? Since 1930, we’ve built up almost 23 trillion dollars in national debt and we currently run a roughly trillion-dollar annual deficit. Congress spends a trillion more dollars than it takes in from tax receipts right now!
It all began when “progressive” economic theories became popular, and John Maynard Keynes’ “demand-pull” theories exemplify it all.
My book breaks out the simple differences in economic understanding from before the “Progressive Era” began until now; the point is to bring clarity to what works and what doesn’t, and how we can save Western Civilization from a debt implosion.
There’s politics involved, but unless we’re willing to touch the third rail of economics, politics, we’ll never understand, and the future could become disastrous.
Please click the link and consider getting my new book. https://www.amazon.com/Economic-Clarity-Political-Confusion-Classical/dp/0578430215/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1547765974&sr=1-1