The Exponential Age

The way to calculate GDP is population growth plus productivity growth plus debt growth. Those are the three large factors that define how GDP moves, the wealth of nations. We have for a long time been in a slow down in population growth globally. And that's more of a function of aging demographics. So what you did is you killed the American dream. You killed the dream of increasing productivity leads to increasing real wages. In 2008, we hit the ceiling.