So as I read No Recovery, Gallup's bleak analysis of America's future, I wonder whether economic statistics distort a rosy reality.
But I doubt they do.
- Lack of innovation (breakthrough inventions—like the movie projector, airplane and computer—that spawn entire new industries and high-wage jobs); and
- Protectionist policies (barriers—imposed by special interest groups—that raise the cost and lower the quality of products produced by old industries like construction, medicine and education).
POSTSCRIPT: Americans' income-growth per capita today is half what it was in the 1950s, '60s and '70s, according to No Recovery. That's better than no growth, but not much, when you consider the inflationary costs of housing, healthcare and education. My takeaway from the analysis: downsize; don't get sick; and save for college.