Howard Gold’s No-Nonsense Investing: The U.S. economy will never have another Golden Age

It was the Golden Age of the U.S. economy, the quarter century between 1948 and 1973, when the U.S. reigned supreme, manufacturing flourished and the American middle class prospered.

During those 25 years, real GDP rose 169%, employment increased by 75% and manufacturing jobs by 30%, while per capita personal income almost doubled.

People of all incomes and education levels could live the American Dream and came to believe that being an American meant your children and grandchildren were almost guaranteed to be better off than you were.

It was, in retrospect, an impossible dream, which ended with the Arab oil embargo and the Great Inflation of the 1970s, followed by the deep recession of the early 1980s.

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