, Columnist
When Did the Great Stagnation Actually Begin?
The economic malaise that afflicted the US from the 1970s onward may have taken root decades earlier — and its causes may be more health-related.
Who misses the 1970s?
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“What happened in 1971?” It is one of the most important and debated questions in US economic history, and new research suggests that the answer may be lurking a few decades earlier — in 1948, to be precise.
At the start of the 1970s, wage growth slowed down, productivity growth rates fell, and US economic performance deteriorated. There were some interruptions in these trends, such as the cheery mid-1990s, but they mostly held for more than 40 years. Many parts of the US, especially if they have deindustrialized, continue to struggle with this legacy today.