[api]

I periodically see these press releases from places like AEI (the American Enterprise Institute) and similar trying to argue that the loss of wealth for the average American is some kind of illusion and "things have never been better."

Reminds me of the stories I've read about the glory days of the former USSR. As collectivized farming failed, Pravda printed endless stories about how farm yields were exploding. People read these stories as they starved. I'm sure the cognitive dissonance was almost comical.

There's something oddly Soviet about the self-assured parallel universe fantasizing of American conservatism. I'm sure it's from decades and decades of fanatical anti-Communist propaganda warring. You become that which you fight.

[happyscrappy]

Except that in an open economy you can't control bond prices. The US pays very little to borrow money which would not be the case if they were faking it, unless you believe they have such good propaganda that they have fooled everyone. Seems unlikely.

[api]

GDP is going up. We are not in a recession. That's not what I'm talking about.

Nearly all of the gain is being captured by a very small and apparently shrinking number of winners, while the majority are seeing flat to negative real growth.

It's not all bad news. There's never been more opportunity for entrepreneurs and people at the higher end of the skill or wealth curve. But the death of the middle is a trend that can't continue much longer until it drags down the rest of the economy and our entire civilization with it. How can you be an entrepreneur if there are no customers?