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An honest day's labor only existed in the middle of the 20th century. Before the New Deal you had to work hard on a farm or a factory to make ends meet. After t
by ipnon 6y ago
An honest day's labor only existed in the middle of the 20th century. Before the New Deal you had to work hard on a farm or a factory to make ends meet. After the Great Stagnation in the 1970s, the economy cannot sustain widespread growth in prosperity for all classes of American society. The Post-World War II economic expansion was a 1 time miracle enabled by the picking of several low hanging fruits.
"These figurative "low-hanging fruit" from the title include the cultivation of much free, previously unused land; the application and spread of technological breakthroughs, particularly during the period 1880–1940, including transport, refrigeration, electricity, mass communications, and sanitation; and the education of large numbers of smart people who previously received none."[0]
The party is over. Americans are at the top but they aren't getting any higher, and everyone else in the world is catching up. That means Americans have to compete with the rest of global middle class.
[0] https://en.wikipedia.org/wiki/The_Great_Stagnation https://en.wikipedia.org/wiki/The_Great_Stagnation
- andrekandre 6y agothat may be true, but i think the parent posters point still stands regardless: > We can’t all be super Linus Torvalds ninja hackers putting out code 12 hours a day.
- ipnon 6y agoYes, Cowen's follow up to "The Great Stagnation" is "Average is Over" that follows the same line of thought.