Thank you Michael Mandel (and MassTLC)
In short, we borrowed big and off-shored everything and we didn’t create enough new stuff. And we did so during a decade – The Internet Decade, 1997-2007 – of big promises and little return. To matters worse, wages for everybody without advanced degrees saw just a 1.6% cumulative increase (enter excess borrowing) and we bet the farm on housing.
The good news is that Michael believes investments in education and healthcare will sustain us for a while – and that energy investments, though longer term, will ultimately help put us back on track, and maybe once again on top. The road from innovation to economic stimulant has a longer gestation period than we all think, he said, so we need to hang in there and keep the faith, which thankfully is FREE.