So, Just When Was The Best US Economy?

but he had a crappy TV, lower quality goods, less access to technologies that are enjoyable to use [ie easy access to all music, etc.], and his car put out more pollutants than he knew what to do with.

also, a middle class dad can still afford a home, a stay at home wife, etc.. just not as easily in southern california or any of the hot cities out there. but anywhere else, yes.

not to mention, porn was lousy back then.

 

I am talking about the US economy. Look at our employment #s. Citi's job terminations are an example of capitalistic forces requiring efficient operation for survival. If you want to gripe about that, then we can go the direction of picking capitalism apart (which I'm fine doing).

There is no 'US economy' seperate from the world economy. We are in a new paradigm, since resource needs are affecting all of us.

We're definitely at a different stage of development than China or India, so comparing the three is really pointless. When you argue 'we are in best of times', my criteria of evaluation is admittedly primarily employment and standard of living.

Minus our mess of a health care system, we are doing pretty well by those standards.

 

Your response is way off the mark.

I was out of school a few years and living in Greenwich (four berooms and no kids, heated garages) Sound systems were on FM or recording studio level in homes. I did the recoding studio. All the tubes were matched (5881's in MacIntosh) and replacements were keep in divided boxes. Two mercedes and a cruising sailbout designed and built in Sweden (new sails every three years). We moved to Switzerland by the mid 60's.

Nothing cost anything and making money was just a dreamland of rocketing equities on good margin. Doubling money was a 50 day deal.

Georg Jensen in NYC shipped and billed into Greenwich. Picked up car in Copenhagen. Rugs in Belgium. Always on vacation trips to europe. Super connies then they started jet service.

 

Jack,

Do you believe that at some point in this period you describe, the US went astray? If so, what happened? I have in mind the fate of the fabled leisure society I have read about - mom driving dad to the train station, etc... .

 

The US economy probably preformed best late 90s, but I think it’s also interesting to consider under what kind of conditions the US economy performs best.

The US economy leads, the World economy follows. I think the US stock market will perform very well the next 5-6 years. When the baby boomers retire, cost cutting technology will be in high demand.

The US economy is the inventing economy of the world.

Right now financial capital is flowing out of the US. Old technology can produce good returns in places of the world where that technology has never been used before. It’s a cyclical thing, sooner or later new technology needs to be produced to create further growth. When the current abundance of labor also declines, the return on investing in new technology will once again starts to compete. It is under conditions like this the US economy performs best I think.

Globalization and free trade benefits all who participate, late 90s the United States reaped most of the globalization profit, now emerging countries are getting a bigger share of this profit.

 

Think you better re-read those government reports to see just how those high employment numbers are attained.

Reality does not lie. All those offshored jobs are not being replaced. Real Unemployment is at least 10% at this point.

Don't forget those permanently unemployed in economically distressed areas like Detroit, Buffalo, Baltimore, South Central, New Orleans, etc. But that has been true for decades. It's the America left behind, which noone wants to acknowledge.

You got Citigroup cutting 25,000 jobs right now. Do you really think there is job growth ready to replace them? Find me ONE, just ONE major financial firm that is not on a cost cutting streak and I might believe that there is some job growth.

 

I would agree. The 50's were the best era for the US economy. Construction was booming, housing was affordable, jobs were plentiful (and you didn't even need a HS diploma), and interest rates were lower than even in 2004. 1996-1999 would place second, followed by mid-late 20's.

 

Yep a rising market and a rising dollar equals real wealth.

 

Good point!

 

But for his time he had a great TV! Less acces to technology?
Man his wife had a washing maching and a refrigerator that was high tech.