Chapter 4 The proof of the pudding
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Chapter 4 steps back, so to speak, and looks at how the US economy has performed over the last 30 or 40 years. With one exception, it appears as though it has done very well. (The exception is the increasing disparity between the haves and the have-nots.) Since the end of WWII, the economy has absorbed tens of millions of immigrants and women into the labor force, with no significant increase in the unemployment rate. Many workers have been displaced by advances in technology and international trade deficits, but the unemployment rate in the USA was at a 49-year low immediately before COVID-19. In comparison with other leading nations, the US growth rate for real GDP over the last 30 years has been the highest. The USA also has the highest average standard of living among the most affluent countries. In addition, this has been increasing much faster than the average (mean) for the other nations. The economy is much more stable in recent decades, primarily because it went 120 months in the 1990s and about 130 months before the pandemic without a recession.

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