I cannot by any calculus whatsoever determine that the economy is good under Trump or Obama or anyone else as far back as 1960. At least during the 1940’s and 50’s we had an economy that was moving toward excellence, but the declining state of our national economy since then has been one of the most tragic phenomena in our history.
There has never been a rational set of criteria developed by which we could actually evaluate the economy in human terms. The failed measure of GDP growth considers only the size of the economy and the size of the annual growth. The only acceptable indicators of the excellence of the economy consist of how equitably the GDP is distributed and the degree to which real wages provide a rising standard of living for most Americans.
Last year, the Congressional Research Service published the following summary from their report: “Real wages rose at the top of the distribution, whereas wages stagnated or fell at the middle and bottom” from 1979 to 2018, thus indicating that there was no improvement in the standard of living for nearly all of the American population. This dystopian pattern of economic distribution is accelerating rather than slowing down.
There is a major disparity between the less educated part of the workforce and those with higher education yet our government continues to resist extending no-cost higher education to the American people. We now must increase that to include the educational demands of the technical world now emerging. We must also ensure that the GDP is distributed far more evenly than is now the case.
We must therefore not only distribute GDP better but must also stop the runaway population growth and decarbonize the global economy before one or more feedback loops in the carbon cycle turns non-linear and we can thereafter do nothing.