But since the 1970s, there's been a widening gap between these two, as the political economy of US growth has become less and less focused on autocentric (national) accumulation and more international and as the welfare state has shrunk or been decentralized to the states. Neo-liberalism replaced New Deal liberalism.
A period that added over 20 million jobs, and, starting in 1995, saw a reversal of the long real wage decline. How'd that happen, in your model?
Doug
