We are a very wealthy society, and we shouldn't forget it. Donald Trump apparently has — along with many other people. Visiting recently with The Washington Post editorial board, here's how Trump explained his suggestion that the United States limit its overseas military commitments, including support for NATO, founded in 1949:
"I think that we are not in the position that we used to be. I think we were a very powerful, very wealthy country. And we're a poor country now. ... We're spending ... to protect other countries. We're not spending it on ourselves." Many Americans would surely agree, but this version of reality is wildly at odds with the facts.
The most glaring mistake is that, unlike after World War II, America is a "poor country now." This is simply untrue. In 1950, the U.S. economy (gross domestic product) produced $2.2 trillion of goods and services as measured by inflation-adjusted "2009 dollars." In 2015, U.S. GDP was $16.3 trillion, or more than seven times greater. Eliminating any boost from population growth (a doubling since 1950 to 320 million) still leaves today's economy nearly four times larger than its 1950 counterpart.