Revisiting the Era of Less

Jonathan D. Miller

I coined the term “Era of Less” about five years ago to describe the period the U.S. would be facing economically coming out of the Great Recession and beyond. The dynamics of paying down massive debt, technology undermining formerly well-paying domestic jobs and amplifying global jobs arbitrage, and the costs related to ageing demographics, it appeared, would combine to slow growth in the overall standard of living and hamper the next generation. Well what do you think now?

Relative to the rest of the world, the U.S economy has been doing well—we have had decent jobs growth, even recent wage gains, and the benefits of new found energy sources. But that compares to sickly Europe, reeling China, moribund Japan, and Brazil in freefall. Economic advances here have been underwhelming at best compared to past recoveries and now jittery talk warns that another downturn approaches as the rest of the world drags us under. The Presidential campaign rhetoric, meanwhile, stokes fears across the political spectrum of a compromised future—immigrants taking jobs, income inequality, and various ambiguous terrorist threats.