In response to:

It’s Economic Growth, Not Redistribution, that Lifts Everyone, Including the Poor

johnm h Wrote: Nov 17, 2012 10:43 AM
All true but this Administration does not seek economic growth. With our current debt, the size of the monetary base, growth would balloon the money supply, drive interest rates up, crash the current account and require the government to severely restrain spending. The Obama administration wants mild stagnation to complete the take over of the economy through illegal mandates, regulations and tax and spend policies.

Stephen Moore and Julian L. Simon note in their underappreciated work, It’s Getting Better All the Time: 100 Greatest Trends of the Last 100 Years, that in the last century,1900 to 2000, real per capita GDP in America grew by nearly 7 times, meaning the American standard of living grew by that much as well. The authors explain,

“It is hard for us to imagine, for example, that in 1900 less than one in five homes had running water, flush toilets, a vacuum cleaner, or gas or electric heat. As of 1950 fewer than 20 percent of homes had air conditioning,...