"This Might Make You Feel Better"
In the 1990s, baseball players hit lots of home runs. We now know why they hit so many home runs: they were on steroids. Steroids make it possible for a person to perform great feats of strength for a while, but then they get sick.
From 1940 to the present, the US economy has been on steroids. The performance-enhancing drug in this case has been the excessive amounts of credit that the Federal Reserve has made available to Americans, along with other policies of the U.S. government that have artificially stimulated the economy. This chart does not make me feel any better. Like the steroid era in baseball, it is more like a bad dream that we will wish to forget.
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