I have trouble getting any value from this article, which seems relatively devoid of pertinent facts. The author wants to claim "Japanization" of America after the Great Recession because of a reduced fertility rate and an emphasis on the experience economy. But, although he notes that fertility declines are a mark of industrialized nations, he fails to adequately compare the U.S. phenomenon to other countries, to co…
Inequality in Japan -- although on the rise -- is famously low, and the income disparity between people with low educational attainment and high educational attainment is not drastic. Taxes on the rich are high, and inheritance taxes also, making it difficult to accumulate and retain large amounts of wealth through multiple generations, which keeps inequality lower. The US has higher levels of inequality, and incomes correlate with a number of confounding factors that amount to structural stratification that's difficult to overcome. Egalitarian stagnation of young generations, kept orderly by generous government safety nets, a process that could easily take place in Japan, or Denmark, or a hypothetical post-boom Qatar, could hardly happen in the US.