No, but there is inflation. Inflation according to the way they used to measure it:
And they changed because it was clearly wrong. Do you really think we had 13-14% inflation in 2009?? Do you have any idea what that would look like? Or that we currently have 7-8% inflation?? Only an absolute idiot could think that the 1980 inflation calculation is correct.
You reinvention-socialists (claiming not to be socialist but re-inventing the exact same socialist wheel) don't seem to realize that North Korea used to have relatively prosperous living standards by local standards (better than its neighbors Russia or China) as recently as 20-30 years ago, better than South Korea 40-50 years ago, just like Cuba used to have living standards comparable to Florida as recently as 50 years ago. They did not become shitholes making less than $20/month per person overnight. They became shitholes gradually because of their socialist policies of Government-God taking care of everyone, just like what you are proposing!
So, in your world, the fact that one country went from prosperous to socialist means that EVERY country will do so? Are you kidding me?? What about all of Europe? What about the 1950/60s in the US? I'm advocating going back to the policies of a time period that already EXISTED for god's sake.
If banks were allowed to perish after making poor investment choices you would not have the TBTFs paying themselves million dollar bonuses each year for raping the taxpayer, government-sanctioned
Last I checked, a LOT of banks failed in 2008/9. The only reason we have TBTF banks in the first place is because Glass Steagall was repealed. Proper regulation worked for decades. Only when we weakened it, did we start to have problems again.
Only individuals being allowed to make choices among numerous other individual counter-parties can unleash the dynamism that is necessary for economic growth and improving living standards in the long run .
No shit. Who do you believe is arguing against that?
I did not create any strawman argument. You are just either too dumb or part of the con to realize or acknowledge the real ramifications of your proposals. Your beloved system of government intervention in Education, Medicine and Banking has not only failed to prevented alleged "cons of the free market" but instead made them the biggest cons, bigger than any other cons in any other markets that are relatively free. Government intervention has introduced greater externality/coercion, redistributed wealth from the middle class to the ultra wealthy, and enforced exploitation of labor by having government enabled rent seekers in medicine, education and finance/insurance eat up more than half of the average worker's income!
History and the rest of the world shows the ramifications of my proposals. The problems with the US system of medicine and banking is that the government is too weak--it is controlled by industry. It is too much free market--not too little.
Is this some kind of joke? What is an economy if it is not market exchanges (enabling division of labor)? Do you actually believe that North Korean and Cuban style strong government central planning is what brings higher living standards to the people? hmm, at less than $20/month to their upper middle government employees!
Even the North Koreans and Cubans are trying to freeing up the market place to more and more individual choices instead of government central planning.
Big corporations and big money exert their controls on the average Joe and Jane via government regulations and elimination of competition.
No joke. Why in the world would you jump to North Korea or Cuba?? Read what I wrote again--the free market works much better than total government control. But free market with a strong government to prevent abuses is best. Nobody is arguing that the US should become North Korea. Why do you persist with more strawman arguments?
When GDP calculation takes government waste at face value, the number has no relevance on the size of the real productive economy or growth/shrinkage, hence no relevance on whether the economy is in recession or expansion.
Great--when you can quantify government waste, let me know. Shouldn't we also back out free market waste as well?
The Joe Six-Packs do benefit from productivity increase: almost every Joe Six-Pack can afford a smart phone that is better than what even the top CEO's could have 20 years ago. The problem Joe Six-Pack faces is not productivity gains not trickling down, but having to pay all sorts of government mandated high costs in medicine, education, banking (including the cost of bailout via outright government transfer and low interest subsidy to big banks), etc.. All those government imposed high expenses (much of it expressed in interest payment, as result of government and FED induced bubbles) are eating up Joe and Jane Six-Pack's paychek.
You guys are a broken record with your smartphone nonsense. Look at real wages. That's what matters. Real wages for the middle class have stagnated. And that is BEFORE taxes. So the rest of your post is more BS. Real wages are not increasing because it's all going to the top 1%.
You wish. Ask the retirees who have savings, what kind of return on capital are they getting on savings accounts. LOL! The huge power is not with capital, but with political privilege! It is the government imposed political privilege that is reaping huge gains at the expense of everyone else.
Are you kidding me? I'm not talking about retirees with $10K in the bank. In any event--people who have money in the stock market have done OK.
Nearly half of American do not pay income tax at all. Social security recipients receive far more in payouts than they ever paid into it. Union power has resulted in government workers getting paid more than double what the real productive workers make. The last 45 years have seen a huge middle finger to the real Productive american workers and a huge boon to those wielding political privileges imposed by the government! The pure fiat regime that started in 1971 has enabled the cancerous growth of the government sector and its cronies.
Nearly half of Americans don't work. What's your point? SOME SS recipients receive more than they paid in. SOME don't. Anyone who dies before age 70 loses.
Government workers do NOT earn double what non-government workers do for the same job. That's more BS from the king of crap. Please show the data on that one. I won't be holding my breath.