Government spending blunts economic progress

By Joe Barnett:

Can the U.S. economy grow at a rate of 3 percent, 4 percent, or even better in the years ahead? Or will the growth rate slow to what some have called the “new normal” of 2 percent? It all depends on whether government gets out of the way.

In the 1960s and early 1970s, the U.S. economy grew at an average rate of 4.3 percent, according to financial adviser Douglas Carr, writing for The Hill. At that rate, the standard of living — or gross domestic product per person — would double over a 40-year period. By comparison, from 2010 to 2017, the U.S. economy grew at a rate of 2.2 percent a year, and the European Union grew at a dismal 1.4 percent annually. “Neither figure is good,” wrote Carr.

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