CHART 1 Performance of the U.S. Economy Billions of $ -$3000 Level of National Income Earned Per Year 1900 05 10 15 20 25 30 35 40 45 50 55 60 65 70 75 Years 2500 2000 1500 1000 500 0 Source: U.S. Bureau of the Census Statistical Abstract. Chart No. 1 shows the level of National Income earned per year. The bottom scale shows the years 1900 to 1975. The scale on the right starts from 000 dollars to 3 thousand billion, or 3 trillion dollars. 29-974-78-32 1900 05 10 15 20 25 30 35 40 45 50 55 60 65 70 75 Years Source: U.S. Bureau of the Census Statistical Abstract. Chart 2 shows the level of National Income earned per year compared to the public debt owed. The public debt includes the federal, state and local debts, excluding the debts of the private citizen. 1900 05 10 15 20 25 30 35 40 45 50 55 60 65 70 75 Years Source: U.S. Bureau of the Census Statistical Abstract. Chart 3 shows the total debt. The total debt generated in 1975 was three times the national income earned during the same period. The total net debt increased from $2,777 billion to $2,997 billion, an increase of $220 billion. National Income increased from $1,135.7 billion to $1,207.6 billion-a yearly increase of $71.9 billion. 1900 05 10 15 20 25 30 35 40 45 50 55 60 65 70 75 Source: U.S. Bureau of the Census Statistical Abstract. 0 Chart 4 shows the TOTAL WEALTH of the United States economy, excluding U.S. armaments. During the years 1965 to 1975-notice the tremendous wealth which exceeded the growth rate of 6 percent per year due to Inflation. The problem that is presented was brought about by abandoning the Steagall Amendment; abandoning Protective Tariffs; and adopting the Keynesian Concept of Economics and the New Economics, etc. |