The American Economy Is in a Funk, But Not for the Reasons We Think
I&#x27;ve just started the book this guy wrote. It&#x27;s really good so far and is very readable. It&#x27;s not like the epic and unreadable Picketty.<p>Note that he is saying that the growth were getting will be the same as levels from 1820 to 1870, just not the same as it was from 1870 to 1970.<p>The book is worth reading because he has loads of data, not just Internet comment opinions about how things are going. Even if he is wrong and productivity shoots up again he&#x27;s shown fairly strongly that between 1970 and 2016 growth has slowed.<p>The consequences are pretty serious for the welfare state. Either benefits cannot continue to grow or taxation must increase.