Lower compared to generation ago, markedly. Remember, the thread that CAR posted Elizabeth Warren’s presentation. I’ll add, they are a hell of a lot sicker, in aggregate, as well.
[quote=briansd1]
If we are able to maintain GDP, then our aggregate standard of living is constant. [/quote]
GDP has always been very flawed, though, in the past few decades has become more and more decoupled from measuring “standard of living” or any type of social health. It measures money moving around. Turns out moving more and more money around doesn’t always equal things getting better. For example, the GDP has gone up for 4 decades and standard of livings and social health has gone down.
[quote=briansd1]
That can be fixed throught policies. Government can step in and employ people in infrastructure projects, which will then lead to more employment. We just need the political will to do it. [/quote]
I believe policies could mitigate – However, the reality is all policies over the past 3-4 decades have lead to this. And policies today, continue the deterioration. Though, we are moving to a point where polices will not be able to do anything.
In my estimation, which admittedly could be wrong, there will be a lower standard of living imposed that took 40 years before, in a matter of 10(2005-2015). So, what we should see is an acceleration of lower and lower standards of living for the aggregate of Americans. I bet social health will trend the same way, in an accelerating fashion.
The housing bubble collapse was a good wallop to the head of the middle class. Another one, could really put them down for the count.
