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But we saved everything 🙂.
Eric Basmajian observes that total debt-to-GDP has stayed around 360% for more than a decade.
He notes that the change over this period has been a shift toward increased government debt while private debt declined. According to Basmajian, this adjustment has led to a less volatile economic cycle, but also to a slower and more predictable decline in the standard of living.
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In earlier analysis, Basmajian noted that one-third of personal income is now derived from government transfers and assets. He has also highlighted that record stock market highs have not led to broader wealth gains for most Americans. These observations reflect his ongoing focus on structural changes affecting household income and wealth distribution.