…Long Live the American Dream
Raoul Pal: Real Vision
00:00
The Great Inflation
By 1975, the average baby boomer is now in the workforce. So you've got the highest increase in people in the workforce ever. And two things happen: prices explode and supply can't catch up with demand. In real terms, since 1975, wages haven't gone up. They've gone up 0.3% a year for the median American. This is the infamous decoupling from productivity growth. Because GDP grew because of financialization. But this is where the real crux of the issue starts. If your assets rise and your wages don't, your future self is poorer.
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