Bet FDR wishes he had Facebook and Twitter.
Stockman points out very accurately that the problem is the deterioration of manufacturing. The premise of a “consumer based economy” was a self-evident lie from the beginning. Nothing can be consumed that has not first been produced.
The most necessary and immediate action is to eliminate all of the Federal regulations that are assaulting our manufacturing sector, returning the responsibility to the States. Eliminate the EPA, SEC, OSHA and all other agencies that are deliberately destroying our manufacturing base.
Until manufacturing is restored, the future will remain bleak.
Take government spending out of the equation and the economy tanked a long long time ago.
"Nominal GDP" means unadjusted for inflation.
As such, it's meaningless.
I don't care how pretty the charts are; without inflation, they're sawdust.