The US is out of demand because wages for Gen X and millennials have been minimized by decades of shift in the power balance between employers & labor, on top o

The US is out of demand because wages for Gen X and millennials have been minimized by decades of shift in the power balance between employers & labor, on top of that, many millennials have been saddled with much higher education costs compared to Gen X and especially the Boomer generation. So even as careers progress and wages rise due to experience, some of that margin of money isn't going to disposable consumer spending, it's going to go to loan repayment. That money then spends more time circulating in the financial service sector vs other sectors where there is a greater amount of real value creation and real growth.