Is this so bad? Falling into something of a European-type rut with permanent 8-12% unemployment and modest GDP gains? I remember the 90s. Everyone was buying shit non-stop. What kind of life is that? Sure it created jobs and growth but to the ludicrous end where we refused to accept the gravy train was ending. I remember Bush 43 pleading for Americans to "go back shopping" the black friday after 9/11 when the writing was finally on the wall. Its perverse.
I think if we want a shorter work-week, more holidays, and more leisure then we have to concede a bit on demand/buying shit. The endless race for growth eventually hits the laws of diminishing returns hard. Worst of all, automation is here in significant ways now. A lot of jobs are going to be gone forever with very limited new growth to make up for it. If I'm automating the responsibilities of hundreds of employees, I just don't see what can make up for it. A handful of devs, managers, sysadmins, etc can replace a significant number of jobs nowadays.
I think aging Western economies have a long adaptation process ahead of them to later stages capitalism and this is one of the first signs this move is now mandatory. How we handle automation, slow growth, etc will be the political fights of the future. We're already seeing some implementations of Guaranteed Minimum Income and other things completely unthinkable 30 years ago.
I think if we want a shorter work-week, more holidays, and more leisure then we have to concede a bit on demand/buying shit. The endless race for growth eventually hits the laws of diminishing returns hard. Worst of all, automation is here in significant ways now. A lot of jobs are going to be gone forever with very limited new growth to make up for it. If I'm automating the responsibilities of hundreds of employees, I just don't see what can make up for it. A handful of devs, managers, sysadmins, etc can replace a significant number of jobs nowadays.
I think aging Western economies have a long adaptation process ahead of them to later stages capitalism and this is one of the first signs this move is now mandatory. How we handle automation, slow growth, etc will be the political fights of the future. We're already seeing some implementations of Guaranteed Minimum Income and other things completely unthinkable 30 years ago.