MIAMI — The U.S. economy, with its baby boomer cohort steering the ship, has long been addicted to cheap everything, from employee wages to everyday products and services.
So now America suffers from a case of post-bubble amnesia, or the memory of life as it was last century before policies promoting competitiveness and globalization undermined the world’s most successful engine of middle class growth.
Monetary policy, with its fixation on inflation and wage pressure, also served to deflect public attention away from economic policies that undermined the U.S. labor market by hollowing out aggregate demand through an unspoken law of cheap supply.
Now, as outdated media based on ads and ratings overload us with infotainment, domestic anger and anxiety have bubbled to the surface, reflecting a broken social compact that once offered a degree of economic security to people who played by the rules. The nightmare of an automated society is a new American Dream for those who can afford it.
Out from behind the curtain, Trumpzilla is the monster of U.S. duopoly.