Mostly all true, yet the article fails to address the root cause (other than the pandemic).
2 root causes actually: the conflict between a prosperous economy, and the need for central banks which control it to keep people poor and in debt.
Since our economy is actually centrally controlled by the Federal Reserve (a private bank) – which sets wages via immigration manipulation, and interest rates, and money supply – the people will never be allowed to become too prosperous.
All banks exist because of – and rely on the ability to keep the people in debt. No debt, no profits for banks and they are out of business.
Meanwhile in order to have a healthy economy, people must be able to earn enough to live, invest, save, buy things, and work.
Whenever the people invent a new industry which allows them to do that (autos, electronics, computers, software), the economy booms. Then via central bank machinations, those industries are moved offshore – ostensibly for profits and cheap production, but also to get those industries out of the country and take them away from Americans so they can’t earn good wages.
We saw this happen over and over in America: first railroads, then autos, then in the 50’s and 60’s electronics, TV, radio, aerospace, then in the 80’s and 90’s IT, PCs, software. Each time those industries and jobs were taken away from the Americans who created them.
“The business cycle” and booms and busts are not accidents – they are planned that way. The central bank powers simply will not allow economic conditions to exist which allow Americans to get ahead. If they did, they would pay off all their loans. And the banks simply will not allow that to happen.
This also explains endless Federal deficit spending, ridiculous pork projects, and all kinds of other waste that drive Federal debt ever higher.
It also explains why DC + Wall St. are so jealous of Silicon Valley and trying to remove it completely and get it out of the country.
In 1998 “Economist” Tom Friedman told us all of this would be good for us. Instead it has been a disaster. Where is he now?