What free market?

As the US debates “socialism” and “capitalism”, it’s important to remember that government has been a large part of the American economy for generations.

Consider data from the last 70 years of the post-World War 2 American economy:

On any given year between 1947 and 2017, government spending (local + state + federal) comprised between 22% to 41% of total economic output, or GDP.

And over the last half century, government has been a third, or more, of the US economy.

Among the government’s successful pro-growth investments during that time period?

Often high-risk, capital-intensive investments that created massive, new blue ocean marketplaces.

To say nothing of its investments in education (ie healthcare and human capital/education), consider that US government spending in the second half of last century created the infrastructure upon which the entire global economy today is built.

The commercial passenger jet. Satellites. GPS. Semiconductors. Robotics. And this total boondoggle called the internet.