Monthly Archives: February 2017

How economic boom times in the West came to an end

Out of the chaos of World War II came the greatest economic boom the world has ever seen. Fueled by a rapidly modernizing workforce, productivity increased in the years between 1948 and 1973. Then war in the Middle East and the oil embargo put a stop the boom and the productivity increase.

But it wasn’t just the oil crisis. The improvements in education, the transfer of workers into manufacturing and the move of women into the workforce had all peaked. Despite minor blips here and there the sad fact is productivity has not significantly increased since 1973, there’s simply no more improvement to be gained.

Countries that elected left-leaning governments tried electing right-leaning governments in hope of changing things. It didn’t work. The old ways simply don’t work and no knows what will. Keep this in mind as the year progresses.

What the 1% did to Lancaster, Ohio

Lancaster, Ohio was once held up as a shining example of what a small American city should be. Even in the 60s and 70s it kept going when other cities saw their industries shutter. But then the Reagan years began and private-equity financiers got involved. Soon Anchor Hocking, the local glass company that had mostly escaped the forces that created the Rust Belt, was awash in debt as those financiers used it to give themselves enormous paybacks. Today Anchor Hocking is a ghost of its former self, Lancaster is full of poverty and drug use and those who profited from all of it are very far away.

Despite all this, almost two-thirds of Lancaster voted for you-know-who in the election.