The Recent Rise and Fall of US Living Standards

The Recent Rise and Fall of US Living Standards
The U.S. Capitol building from the base of the Washington Monument in Washington on May 28, 2023. Samuel Corum/AFP via Getty Images
Robert Genetski
Updated:
0:00
Commentary

The COVID-induced government shutdown during 2020 triggered a series of government policies that affected U.S. living standards. The disruption and job losses from the shutdown produced an odd, one-time surge in productivity and living standards. This has been followed by a flat, then down, movement in living standards over the past three years. To understand the reasons for this rise and fall, it’s important to understand how productivity affects living standards.

Robert Genetski
Robert Genetski
Author
Robert Genetski is a public speaker, author, columnist, and one the nation’s leading economists. He has taught economics at the University of Chicago’s Graduate School of Business and NYU. His latest book is “Rich Nation, Poor Nation: Why Some Nations Prosper While Others Fail.” Genetski’s website is ClassicalPrinciples.com.
Related Topics