When will low-income Americans stop looking to government? |

New polling data from Gallup shows that Americans are not having it easy during this period of rising prices.

According to Gallup, 56% of Americans now say rising prices are causing severe or moderate hardship.

Going deeper, we see that the difficulties are not shared equally.

Among low-income households, those whose income is less than $48,000, 74% report experiencing difficulties. Among middle-income households, with an income of $48,000 to $89,999, 63% report experiencing difficulties. And among those with higher incomes, $90,000 and over, 40% report experiencing difficulties.

But Treasury Secretary Janet Yellen recently showed up at Ford’s Rouge Electric Vehicle Center in Dearborn, Michigan, with an upbeat economic message reminiscent of the joke: “Who are you going to believe, me or your own eyes?”

Yellen announced that she was “more optimistic about the evolution of our economy than I have been in quite a while”.

The Biden administration is hoping to throw enough smoke in voters’ eyes that reality will not set in until the November election is over.

Yellen should consider reading the latest long-term budget and economic projections from the nonpartisan Congressional Budget Office.

According to the CBO’s “Long-Term Fiscal Outlook 2022,” just released, over the next 30 years, the U.S. budget deficit as a percentage of our GDP will be double its average over the past half-century. century, and the national debt as a percentage of GDP will reach historically high levels, reaching a staggering 185% of GDP in 2052.

The result of this continued absorption of the US economy into the hands of government and politicians will, according to CBO, be a slowdown and pulverization of the US economy.

“From 2022 to 2052, real potential GDP grows by an average of 1.7% per year,” according to the report, compared to an average of 2.4% over the previous 30 years, from 1992 to 2021.

However, from 1950 to 2000, the US economy grew at an average annual rate of 3.5%.

So, based on the picture CBO paints for us of our economic future, we can expect growth to be half of what it was on average for the half-century after the end of World War II.

What does this mean for the average American?

According to Hoover Institution economist John Cochrane, this means that over the next 50 years household income will be half of what it would have been had the economy grown at the fastest rate in history.

Not a pretty picture for any American.

But for low-income Americans, it’s especially dismal.

The American dream has always been that even though you can start with nothing, there is a future for you to build and accumulate wealth.

This dream is shattered.

And it’s broken by the government and the politicians — the Democrats who now control our government — who claim to care about those same low-income Americans.

More and more government spending, more and more governments sucking oxygen from our economy by taking resources away from the private sector and redirecting them into political control, supposedly to help the “have nots”, are simply destroying opportunities for everyone.

In a Gallup poll reported in a survey by my organization CURE, 70% of black Americans believe the country is divided into “haves” and “have-nots,” and 57% of blacks believe they are among the “have-nots.”

The challenge for anyone who sees the whole nation sinking under the weight of misguided government, and I’m certainly talking about Republicans, is to reach out to our black citizens and make them believe that the path to opportunity, the path to becoming a “”, is a free economy.

If our black citizens, and all Americans who think the country is unfair, realize that freedom, not government, is the way 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 learn more about Star Parker and read articles by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.