Bill Doskoch: Media, BPS*, Film, Minutiae

Curated knowledge, trenchant insights & witty bon mots

‘This Century Is Broken’

Columnist David Brooks says the 21st century’s lack of economic growth means we are looking at a much nastier world in the coming decades, compared to what we had in the latter 20th century.

From the NYT:

Most of us came of age in the last half of the 20th century and had our perceptions of “normal” formed in that era. It was, all things considered, an unusually happy period. No world wars, no Great Depressions, fewer civil wars, fewer plagues.

It’s looking like we’re not going to get to enjoy one of those times again. The 21st century is looking much nastier and bumpier: rising ethnic nationalism, falling faith in democracy, a dissolving world order.

At the bottom of all this, perhaps, is declining economic growth. As Nicholas Eberstadt points out in his powerful essay “Our Miserable 21st Century,” in the current issue of Commentary, between 1948 and 2000 the U.S. economy grew at a per-capita rate of about 2.3 percent a year.

But then around 2000, something shifted. In this century, per-capita growth has been less than 1 percent a year on average, and even since 2009 it’s been only 1.1 percent a year. If the U.S. had been able to maintain postwar 20th-century growth rates into this century, U.S. per-capita G.D.P. would be over 20 percent higher than it is today.

Slow growth strains everything else — meaning less opportunity, less optimism and more of the sort of zero-sum, grab-what-you-can thinking that Donald Trump specializes in. The slowdown has devastated American workers. Between 1985 and 2000, the total hours of paid work in America increased by 35 percent. Over the next 15 years, they increased by only 4 percent.

Read the whole thing.

Tue, February 21 2017 » * Big Picture Stuff, Main Page