Bureau of Economic Research, which is our business cycle dating authority, and probably don't preeminent research organization in economics. That's what they do in assessing changes in the business cycle. They take the average of GDI and GDP. So in the 20 year moving average to 1970, it was growing at 2.2% per annum. And in the last 20 years, ending 2023, we're growing 0.9% per annum. We've lost 1.3% per annum in the 20 year growth rate. And by the way, if you look historically from 1870 to 1970, and we have data, pretty good data, not perfect, for that 100 years, the real per capita growth rate was also 2.2%. The last 20 years, we're down to 0.9% per annum. If we had stayed at the 2.2% just in the last 20 years, the average real economic activity per person would be $78,000 or so. Whereas in actuality, it's only 66,000. So we're really losing a lot versus trend. And this is even worse in Europe and the UK and Japan. All of us are not performing in the way in which we did. And I (19/41)
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