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But we saved everything 🙂.
Eric Basmajian points to a decades-long trend of underinvestment in physical structures and infrastructure in the U.S. He attributes this to a steep drop in the net national savings rate, which has fallen from 10% to 0.5%.
In earlier research, Basmajian noted that the U.S. economy was stronger than current conditions in 80 percent of historical periods. He also reported that residential building payrolls are down 2.5% from their peak, a smaller decline than seen before past recessions. These observations add context to concerns about underinvestment in physical structures.