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Politics : View from the Center and Left
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From: S. maltophilia10/7/2025 3:05:21 PM
   of 541148
 
Why Aren’t We Partying Like It’s 1999?

Fear, not hope, permeates today’s technology hype

.....An enormous surge in spending on “AI.” Scare quotes because ChatGPT and its rivals aren’t really artificial intelligence. But they are impressive, routinely doing things that would have seemed impossible just a few years ago.

And the surge in AI investment — a tech boom the likes of which we haven’t seen since the 1990s — has buoyed the economy in the short run, offsetting the drag from Trump’s tariffs. Without the data center boom, we’d probably be in a recession. But hundreds of billions in spending on data centers have boosted investment, while soaring stock prices have supported consumer spending by the wealthy even as demand from lower and middle-income Americans weakens.

However, unlike the tech boom of the 1990s, the current AI boom isn’t translating into widespread economic optimism. In fact, Americans are remarkably downbeat about the economy and the future in general. And I think it’s worth trying to understand why.....

paulkrugman.substack.com
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