~$27 Trillion Taxed and Spent Fighting the War on Poverty... What Did It Get Us? Poverty.

In 1964, the U.S., and President Lyndon B. Johnson declared war. No, not on Vietnam, not on the Middle East, but on "Poverty."

At that time, the rate of poverty in the United States was indeed higher than it is right now. The poverty rate was 17.3%, with nearly 39 million Americans living below the poverty threshold.

Since then, the U.S. has taxed and spent almost $27 trillion (2019) dollars fighting the "War on Poverty." That's money that was taken out of the production economy, and inserted in the consumption side of the economy. Many on the left would argue that this money was well spent. I've heard explanations like "Just imagine what the poverty rate would have been without that money spent." Afterall, it is true that the poverty rate is lower today than it was in 1964.

How much lower is the poverty rate?

The most recent data from the US Census Bureau shows that the current poverty rate is 12.3%, with nearly 40 million Americans living below the poverty threshold. Some might say "See? The rate is lower, therefore the War on Poverty has been a success." Those might also point to the fact that immediately following the implementation of the "war," the poverty rate fell from 17.3% in 1964, to 12.5% in 1974. My response to this assertion would be to look at the rate at which poverty had decreased in the 10 years previous to the war's implementation.

In the 10 years prior to the start of the war, the poverty rate dropped from 26% to 17.3%. That equals a fall of 8.7 real percentage points, or a 33% decline in the 10 years prior to implementation of the war. The rate of decline following implementation, when the rate fell from 17.3% to 12.5%, was 4.8 real points, or a 27% decline in the rate. This means that the rate of decline actually slowed immediately following the beginning of the war.

Today I want to imagine where our economy would be- had that money been left in the right hands.

First, it should be discussed what actually constitutes poverty. I'd be dishonest if I did not first admit that the standard of living today is far better than in 1964. In fact, one could make the argument that by 1964's standards, almost no one today is in poverty. Is that a consequence of government spending, or did it happen despite government spending?

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In Liberty,

Charlie & Nate

P.S. We can do this. Keep forging on through the disheartening news, and hate-filled rhetoric. We're here to #MakeLibertyWin

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