Excellent brief piece on challenges facing the economy over the next few decades. The debate over immigration and globalization should include a consideration of these factors.
A major takeaway from all this is that the economy is not likely to boom anytime soon. “I don’t see GDP growth running away from us,” Kaplan said. “In fact, if we don’t take wise actions from a policy point of view, I actually think potential GDP is likely to trend lower over the next number of years from where it is now.”