More fundamentally, I suspect that trend growth in output and employment are both a function of culture and social attitudes. How much do we as a society value consumption today as compared to consumption tomorrow? How much do we value education? How much do we value being independent as compared to being dependent on the state? How highly do we regard private property rights?
1 With the technical testing phase of the FedNow℠ Service kicking off in mid-September, I want to particularly thank the early adopters for the important investments they are making to prepare for the day when the FedNow Service goes live next year.