An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary Economy

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41fH25UZi7L._SX327_BO1,204,203,200_In “An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary Economy,” Mark Levinson argues that the post WWII boom ended in 1973 and will not return. This is an interesting book, although I disagree with some conclusions as I don’t feel Levinson takes demographics, technological innovation and human ingenuity into account in making his predictions for the future. His point is mainly summed up by this well-known chart (below). The average US worker really did do well in the post WWII era until the oil shock and inflation of ’70s. Reagan’s ’80s trickle-down policies only forced more money to trickle up. Owners of businesses and not workers began to profit most. Bad government policy, globalization, technology, capital flight and the decline in productivity all contributed to an increase in US income inequality. As Piketty would say, right now r>g, and unfortunately this trend and thus our inequality problem, will continue until progressive tax policies are implemented. But not to worry, Trump will fix it all.

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Nicole Charbonnet

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