JFK's New Frontier laid the foundation for the greatest growth in government welfare and regulatory agencies since the New Deal. Indeed, the 1960s began an era of increased government handouts and government spending that locked people into poverty as they became more dependent on government money while losing any incentive to find work for themselves. Moreover, increased government spending resulted in higher taxes for millions of employed Americans, eroding the economic security of the American …showed first 75 words of 309 total…

…showed last 75 words of 309 total…the Federal Reserve System encouraged the creation of more money. In effect, paper dollars were printed that were not backed by adequate goods and services. Ever since the United States went off the gold standard in 1933, the government has been able to create such excess money, leading to the problem of inflation. By living beyond its means, borrowing large amounts of money, foolishly expanding credit, and printing excess money, the government created a false prosperity.