The last time America suffered an economic meltdown, in 2008, we came out of it poorly.
Yes, the economy and the stock market recovered. So did the banks, with a big assist from Uncle Sam. But millions of homeowners were left with mortgage debts that squeezed their disposable incomes to the vanishing point.
The unshared recovery proved a downer in two ways. First, the recovery was unusually sluggish. Second, it gave rise to simmering class resentments. Arguably, it led to the election of Donald Trump.
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