David Stockman has offered a useful table. It reveals that median household income in the United States peaked in 1999. Since then, adjusted for price inflation, it is down by 9%.
The Federal Reserve pumped in trillions of dollars in fiat money. The U.S. government has run trillions of dollars in deficits. Stockman’s conclusion is simple: Keynesianism isn’t working. Neither are millions of Americans, who are out of the labor force.
There was one exception to this scenario: Washington, D.C. There, it’s business as usual. What business? The extraction of wealth from the rest of the nation.