I want to use this chart from EPI for my own evil purposes.
Lots of people want to focus on the right end of this graph. I want to focus on the left.
Look at the entire period of the 70s. Stagflation, awful economy. However, look how few businesses are reporting “poor sales” as a problem. That’s because they weren’t.
Which is why its important to point out that poor sales is not simply a way of saying the economy is doing poorly. It refers to a specific kind of doing poorly and that is on the demand side.