Many famous economists are singing this song, but most consumers and small-business owners reading this would shake their heads. GDP growth was 1.9 percent in the fourth quarter, down substantially from the third quarter, and 1.6 percent for 2016. The labor force participation rate for prime working age males is 88.6 percent, down from 91.7 percent in 2007, no improvement in 2016. Workers’ share of the economy has declined 2 percentage points from 2007 to just over 42 percent. With no improvement in quality, this is just a tax, paying more for the same or sometimes a lesser product.

Source: Forbes January 31, 2017 20:26 UTC