LS, current eco. expansion has been weakest of the long ones: 1921-29 real GDP growth was ~6%/year, 1960-69 was ~4.5%, 1982-90 was 3.5%, 1991-present is ~2.5%. Does not square with IA having been a big factor.
Productivity = GDP/(man-hours worked), and productivity growth was pretty weak. It is easy to explain by the fact that most jobs were created in at or just above minimum wage (since 1991), low/no education, etc. The country as a whole (not just few million inhabitants of Silicon Valey and similar enclaves) has not been very productive as a society. Majority of recent high school graduates can hardly read, can't really write, and needs a calculator to add 2 and 2, and even then come up with 7.3254396857. Seems, most IA equipement is not used properly, or is used for entertainment only. That should explain why potential increase in productivity has not materialized.
BTW, the unemployment numbers count only those who actively seek jobs. Some 30 to 50 million of able-bodied adults who could work, but don't want to are not in the statistics.
Joe |
