Has the US economy ever actually been good, and based on what facts?

[Anonymous]

The American economy is arguably the most productive and dynamic in human history. But has ever been good? Or is it always just average or bad? And what do you base your opinion on?

[Maybe_Maybe_not]

The biggest unanswered question is "Where is the money?"
- Earth, Wind and Fire

Yet, we have answers:

"In the late 18th century, "incomes were more equally distributed in colonial America than in any other place that can be measured," according to Peter Lindert and Jeffrey Williamson. The richest 1 percent of households held only 8.5% of total income"

"Federal Reserve data indicates that as of Q1 2024, the top 1% of households in the United States held 30.5% of the country's wealth, while the bottom 50% held 2.5%."

Read more...

[WindAtMyBack]

It's been good my entire life. It has ups and downs, but they are all good compared to most of the world. Americans just don't appreciate how spoiled they are, and how much luxury they live in.

Currently it's doing pretty good. It's mostly recovered from the COVID mess. The unemployment level is very low. Inflation is relatively low and dropping. Housing is high, but that self adjusts and can not go higher than what people can afford. On average it's doing pretty good.

But keep in mind that your personal economy is what you make it, and the national economy is what the people make it collectively.

[BonzoInBitburg]

I live in Canada but have had made almost all my money in the US through various businesses and the US is by far the best country in the world to make money. It doesn't matter if the economy is great, average or terrible, there is so much money to be made there if you have a good work ethic. The best part is you don't even have to live there.

[exitseven]

It has been good during the end of the Reagan administration and the Clinton Administration and Trump's first term until the whole economy had to be shut down with the pandemic, The entire Biden administration was a disaster with record inflation and a recession that they claimed was not really a recession. Trump's second term shows a lot of promise. Tariffs are taking in billions and trillions of new investments in new factories. This will encourage employment and innovation.

[Effably]

The golden age for USA is typically considered the 1950s.

Coincidentally the highest tax on US companies was between 1940-1960.

That said the post-war boom and USA's new world image helped a lot too.

[Mike_Hum]

The effective tax rate was no where as high as you clowns like to portray it.

[Effably]

I do wonder. What do you gain by pretending the past was different than it was? And that all of recorded history is somehow wrong?

[Mike_Hum]

Do you understand what an effective tax rate means?

[Effably]

I do. I've got a masters in the area.

I am a little confused why you want to lift the roughly 50% effective tax rate on corporations compared to the roughly 13% effective on today.

How does this help your case? Or are you just agreeing with me? If so you can just say you agree instead.

[Spencer10]

Probably depends on what metrics you use to judge an economy or society. If you base it on total size it is. But if you judge it on outcomes it probably is not.

[Asker]

So in your opinion, has the American economy ever been good? If so, what do you base that on?

[Spencer10]

Well my metric is does an economy work for society in general. In this regard the US economy works great for the wealthy but poorly for the middle and lower classes. So I would give the US economy a fail.

[Asker]

What metrics? Middle class Americans are rich compared to most people around the world. The average American makes more than the average Swede, German and Frenchman. And yes, it sucks to be poor in the USA, but it sucks to be poor everywhere.

worldpopulationreview.com/.../gdp-per-capita-by-country

[Spencer10]

Compare the USA to other more developed countries. The USA lags behind in most outcomes such as life expectancy, infant mortality, happiness and education Yet leads in gun deaths, mass shootings, violent crime and overall poverty levels.

[Maybe_Maybe_not]

Lol
The average US folk is far from receiving benefits offered to the average North-European. USA is only 29th in the list.

en.wikipedia.org/.../List_of_countries_by_inequality-adjusted_Human_Development_Index

[Asker]

But USA ahead of most developed nations in: average income, patents, AI, cost of living, military strength, public universities, technological innovation, people immigrating there (I mean, if it were that bad, millions of people wouldn't be trying to live as poor and middle-class people in USA).

And how do you measure happiness? Definitely higher murder rates higher in USA, although its still lower than Latin America and Africa. I would double-check poverty. I think USA poverty rate is below Canada and much of Europe.

[Asker]

@Maybe_Maybe_not Did you actually critically examine that? It is adjusted for inequality. The USA will always lose that battle because there are so many rich people there.

[Maybe_Maybe_not]

You asked if that economy was good, it is, in itself it is, but good for who, for USA? Who cares about USA, it doesn't even exist, it's just an abstraction, abstractions don't need money or material comfort. Unlike USA, people exist and they want to see wealth going in their pockets, not in the pockets of an abstraction.

[Mike_Hum]

The poorest Americans live better than the average African.