The first realization from the article is the degree to which we'd taken for granted the confluence of factors that gave rise to America’s post-WWII extraordinary economic boom (click: Manufacturing's Last Boom). It just seemed at the time to have been . . . ordained.
Only in retrospect do we appreciate that so-called golden age which featured a privileged middle class with those union wages that afforded the worker a home, weekends off, a two-week vacation, and one of those defined-benefit pensions. Okay, perhaps that’s an oversimplification (even nostalgia, as they say, isn't what it used to be).
But events, both external and self-inflicted, marked the slide e.g. the 1971 abandonment of the gold standard (worthy of its own discussion), or perhaps Vietnam and the domestic dual mandate overreach called the Great Society, or the 1973 oil embargo, or most likely the way those countries we reduced to stunned fish in WWII woke up and proved to be formidable competitors. In any event, that world monopoly franchise we’d enjoyed is pretty much in the rear view mirror…
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