This annoys the hell out of me. What they mean is, that the windfall to the world of the end of communism; the windfall to the world of automating clerical work by computers; the windfall to the world by the development of the internet; gave us insane rewards from the late 80’s to the 2001 Crash which reset to normal. But that they dumped money into the economy creating the overexpansion of the housing market, which then led to that correction (crash). Meaning that we are back to the trend of the 1980’s.

I don’t know how smart you have to be to grok that american’s have been the beneficiaries of numerous windfalls that the rest of the world has not: the conquest of a new continent; the Louisiana Purchase and the western Expansion; the immigration of hordes of the underclasses into those territories; the introduction of fiat currency to finance those immigrants; the crash that followed; the world wars that followed leaving the USA as inheritor of the British Empire; Leaving the US worker the only industrial labor left with production capital intact. This ‘jolly’ led to the social activism of the 1960’s which sought to imitate the soviet union and destroyed most of industrial america. The consequential export of work to other countries free of non-market labor; the use of petrodollars under nixon to defeat the Soviets and the Chinese and World communism, and expanded moreso by Regan to complete that defeat. The use of that military technology to produce computer revolution; and the creation of vast changes in our economy due to technology. At present we are going through another vast change due to amazon, google, and facebook altering the commercial sector dramatically – and the world is catching up eliminating our military advantage, our petro-dollar, our technological advantages. The only advantage we had left was demographic and normative – and the left is destroying that too.

So when someone says, that we have lost income growth it’s empirically true but logically false. Why? Because we had windfalls from heaven one after another. And the world is returning to the status quo. Except there are 10x as many of us.

—“The slow early-2000s recovery and expansion, combined with the damage done by the Great Recession, has led to nearly two decades of lost income growth for typical American households,” says economist Elise Gould of the left-leaning Economic Policy Institute.”—

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