Productivity gains had stalled, energy prices were high, the backlog of potential technologies that originated in the Great Depression had been exhausted, and waning benefits from economies of scale led nearly every economist to project that economic growth would be slower in the future than it had been in the past. With productivity growth stagnating for almost two decades, it made sense back then to argue that the US government’s social-insurance commitments (Social Security, Medicare, and Medicaid) were excessive and so had to be scaled back.
十五年前，美国正处于所谓的“期望贬值”时代：生产力增长停滞；能源价格高昂；经济大萧条时期被积压的潜能技术已经枯竭；规模经济导致的收益渐亏使得几乎每一位经济学家做出这样的预测：经济增长速度在未来将远远落后于过去。由于生产力增长停滞将近二十年，人们又开始议论美国政府的社会保险支出（社会保障体系、医疗保险、医疗补助制度）过于庞大，应该被缩减。