Comment by Dalewyn
4 days ago
>in 1969 when the very first 747 entered service there was exactly 1 of them in service.
Yeah, and also in 1969 air travel was already mundane.
>that suggests an overall trend of political ascendancy of the west through at least the fall of the USSR in 1991.
I did argue the peak of the West was in the mid to late 20th century.
>We’ve had such long term success we’ve forgotten what failure looks like.
The 2008 Great Recession was the latest significant failure, though even that was actually pretty mild as failures go.
Nonetheless the economy today is bad, because Main Street says it's bad. Complaints of inflation, stagnant wages, rising costs of living, among others are all real.
I suppose if there's any consolation, at least a head of cabbage doesn't cost around $7 dollars here (yet?) unlike in Japan.[1]
> 2008 Great Recession
Recessions are benchmarked relative to the years around it not overall economy by historic standards. At the peak of 2008’s recession things were still doing quite well. 10.0% unemployment and 5.1% drop in GDP from the peak is tiny.
It doesn’t even qualify in the top 10 US recessions: https://en.wikipedia.org/wiki/List_of_recessions_in_the_Unit...