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Why should this be the case? It wasn't until roughly the 1970s -- for basically anyone, including very-basic, no-special-skill blue-collar work.

But of course! Deficit spending kicked in pretty much about then!

My only 'disagreement' with your hypothesis comes because I am skeptical that folks are looking ahead 20 years and making a rational decision. While some do, my premise is that the combination of more immediate factors has the same net result. The herd is much more reactionary to things today than they are pro-active for something 20 years out.

Perhaps we're really saying the same thing... whether it's due to 'far-seeing' or to near term knee-jerk reactions, the result and consequences are the same. That it is also self-induced and didn't need to happen is without dispute.

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I remember the Diamond Princess.


Slowly at first, then all of a sudden.