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To bring income and consumption back into balance, average Americans
will have to fall back two decades in terms of standard of living,
which would still put them back at Western European levels of today.
But such a pullback would represent 'the modern 1930s.' That’s
because the original 1930s took American consumption back to 1910s
levels, which then represented “prosperity” by prevailing global
standards. But that was a big comedown for an American public that had
just experienced the 1920s, which gave a glimpse of a prosperity that
would be experienced in the 1950s by their children, but not by
themselves.
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