We’re lying to ourselves about what we’re putting into our country.
Pilfering our pockets is popular. Real investment is not.
Standard thinking is that since the early 1980s capital spending has been booming and despite cyclical swings real business fixed investment has moved up to record levels…
Yes, that statement is baloney. We’ve abandoned real investment.
IT has accounted for virtually all the growth in real investment since 1980…
The IT share of total capital spending has been steadily increasing and now accounts for 45%.
Virtually all investment in capital goods and productive plant is flat or fallen to ~1%.