US households have never been richer, and that suggests the seven-year ‘slow economic recovery’ is holding steady, and the pace of positive change should quicken once fiscal policies change in America following the election in November.
In 1982, US GDP was $6.4 trillion and growing at the very fast pace of 4%, or $240 billion new real dollars of output. Today, we stand at $18.2 Trillion, growing at a paltry 2% – or $360 billion in new real dollars of output. The numbers can easily fool you if you’re not paying attention.
It was 1969, my final year as a Geography and Applied Climatology student at Edinburgh University. The popular scientific consensus (what they taught all us Baby Boomers) was the CO2 levels building in the atmosphere would reflect the Sun’s rays and cause a great global cooling. Yep, we were headed for another ice age. And they wanted to cover the polar ice caps with soot to start them melting. No joke!