During the current cycle, a great deal of money was made that flowed to the class that used it for investing rather than consumption. That was the intent, and it worked, producing even more wealth. That money needs to be invested. However, as the decline in start-ups shows, it has become harder to find places to invest.

High demand had hidden an underlying problem with the industrial plant. It had aged, and the reluctance to invest curtailed the availability of capital to renew the industrial base. Countries like Germany and Japan, defeated in World War II, had many newer factories and produced more efficiently than American factories. They entered the U.S. market

While the earnings of some workers are soaring, especially those with advanced degrees, the earnings of workers whose jobs are being replaced by robots and artificial intelligence are stagnant or falling. While those enjoying a boost in income could, in principle, compensate those falling behind, in fact, there is far too little income redistributi