We lost entire industries of good paying jobs in consumer electronics and appliances to Japan, Taiwan, and Korea. It wasn’t the total eclipse people predicted—in part because our population control evangelists helped derail Japan’s development—but our shift to software and IP didn’t replace the kinds of jobs we lost.
Finance, insurance, social, and professional services will keep our GDP numbers afloat long past the point where the real economy has been surpassed. A better comparison is Britain. Once the real economy moves, most of the ancillary services do too. Banking and insurance keeps Britain going, but it’s actually kinda poor compared to America. (The US is to the UK as the UK is to Hungary or Poland.)
We lost entire industries of good paying jobs in consumer electronics and appliances to Japan, Taiwan, and Korea. It wasn’t the total eclipse people predicted—in part because our population control evangelists helped derail Japan’s development—but our shift to software and IP didn’t replace the kinds of jobs we lost.
Finance, insurance, social, and professional services will keep our GDP numbers afloat long past the point where the real economy has been surpassed. A better comparison is Britain. Once the real economy moves, most of the ancillary services do too. Banking and insurance keeps Britain going, but it’s actually kinda poor compared to America. (The US is to the UK as the UK is to Hungary or Poland.)