![]() Three arguments provided the intellectual foundation for the Great Disappointment. America, a country long known for its inveterate optimism, came to dread the future-in which it now appeared that most people would have less and less.Īdam Ozimek: The simple mistake that almost triggered a recession Predictions of economic decline took over the conversation. Those expectations were largely borne out: The standard of living enjoyed by working-class Americans for much of the mid-20th century, for example, was far superior to that enjoyed by affluent Americans a generation or two earlier.īut after the 2008 financial crisis, those assumptions were upended by a period of intense economic suffering coupled with a newfound interest among economists in the topic of inequality. Despite periodic economic crises, the overall story seemed to be one of progress for every stratum of the population. ![]() D uring the Great Recession, public discourse about the economy underwent something of a Great Disappointment.įor much of the country’s history, most Americans assumed that the future would bring them or their descendants greater affluence.
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