05-06-2020, 10:57 PM
(05-06-2020, 10:31 AM)David Horn Wrote:(05-05-2020, 04:05 PM)Warren Dew Wrote:(05-05-2020, 09:18 AM)David Horn Wrote: 3Ts are the 'eating of the seed corn' eras. Yes, they are enjoyable for those in a position to enjoy the fruits of prior efforts, but they suck mightily for most others.
Perhaps this most recent one was an exception, then. I suppose you could say the 2T set the stage by starting the cracks in the obsolete, calcified structures of the 1T, clearing the way for full unraveling of them to make way for new, more productive freedom of the 3T.
Your productive freedom was realized as less security for most others.
To the contrary. While wages rose only slowly in the 3T, and a significant proportion of the excess productivity did enrich the elites, much of the excess productivity was spent in ensuring more security for nonelites, specifically through financing the Social Security Ponzi scheme that made GI and Silent retirees so much more secure, and through welfare programs that made those "unable" to work more secure.
Inequality reaching the point where the economy shifted from productive competition to unproductive oligopoly and monopoly was the stage at which the 3T transitioned to the 4T, which didn't happen until after the turn of the millenium.