The Transformation:
Over the past 50 years the Democratic Party became the unabashed promoters of these policies, while many in the Republican Party, the most notable exception being Ronald Reagan, the enablers. As a result, the American economy is now in a near-permanent state of stagnation and the nation has embarked on a headlong dash into bankruptcy. While the population of the country has increased by 70% since 1963, the national debt has ballooned (on an inflation adjusted basis) 620% over the past half-century from $2,400 Billion to $17,200 Billion; however more ominous is the increase in unfunded liabilities since 1963 from an inflation adjusted $12,700 Billion to $127,000 Billion today. (http://www.usdebtclock.org/)
Revealing numbers to consider.
Although the adjusted Gross Domestic Product (GDP) has increased by 250% during these past 50 years, inflation-adjusted household median income has only grown by 30%, thanks in part to federal, state and local government spending which has increased by 375% and now siphons off 41% of the national GDP as compared to 26% in 1963. The primary factor: entitlement and social spending at all levels of government has increased a phenomenal 767% since 1963 ($450 Billion annually (inflation adjusted) versus $3,900 Billion today) (http://www.usgovernmentspending.com)
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