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by dragonwriter 4010 days ago
You make the all too common mistake of confusing aggregate output growth with everyone getting richer. That's not a valid equivalence, as the 2001-2009 economic expansion in the US showed fairly dramatically, with the bottom three quintiles doing worse over the period of expansion, the fourth quintile mostly flat, and most of the gains in the to quintile (and, within that quintile, mostly in the top few percentiles.)

Aggregate growth doesn't mean everyone gets more; we have a system in which the major holders of capital are very good at capturing output growth.

Policies favoring aggregate growth aren't good for most people without policy reform that alters the way gains from such growth end up being distributed.