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Wasn’t the late 90s a period of prosperity because it was the upswing of a bubble that ended with the dotcom crash? The rising part of a bubble always has mass
by acchow 4y ago
Wasn’t the late 90s a period of prosperity because it was the upswing of a bubble that ended with the dotcom crash?
The rising part of a bubble always has massive economic growth. It used to be better for everyone when there wasn’t a permanent housing shortage
- wolverine876 4y agoIt was prosperous because of (IMHO): * Political stability: As we are re-learning, that is necessary for everything. * Economic stability * Large productivity improvements due to the IT revolution The bubble was only one small part of it for one sector of the economy, afaik. When it popped, we didn't reset to 1992; most or even all of the gains remained (was there even a quarter of negative GDP?).
- sangnoir 4y agoAdding to your points * Globalization/off-shoring * The west had growing share of higher-paying service jobs * New markets in Eastern europe and China * Increasing disposable income at home. The rust-belt wasn't rusty yet.
- wolverine876 4y agoGood points; I wasn't very thorough at all. > Increasing disposable income at home. The rust-belt wasn't rusty yet. This one I don't know about. The term 'rust belt' goes back to the 1980s.