The Wrong-Apartment Problem

Dr. Dre on the radio, The Matrix on the big screen, The Sopranos on TV: The year 1999 was wonderful for many reasons, including economic ones.

That year, the median household income rose to a record level, a watermark that held for nearly two decades. (The average American family was poorer when Donald Trump was running for office than when Bill Clinton left office.) Wages were growing across the board—all kinds of workers were getting consistent raises. Productivity growth was strong. Wealth inequality was holding steady and far lower than it is today. The poverty rate hit its lowest point in years.

I could go on and on with the hard statistics: The share of workers with a college degree was . The homeownership rate was . The stock market, . Consumer confidence was the. The share of people employed was the highest it has . Investor optimism was the highest it has . The share of Americans saying the country was going in the right direction—also the highest it has .