So, what do we see here about the structure of the U.S.? Well, we know that without AI capex there’d be no real GDP growth. And yet, the realisation that this does not deliver AI leadership is dawning on folk.

But what we also see here in these charts is America adjusting to being a higher cost lower standard of living society.

Real income growth for many has flatlined for years. They’ve never had the material means to save. To keep their heads above water, household borrowings have increased.

They’ve relied on low cost imports to get by. And now, that’s coming to an end.

The downward shift in consumption shows this clearly. Remember, lastly, that almost all U.S. consumption growth comes from the top income earning segments.

Ever wondered why U.S. violence and belligerence globally intensifies? It’s a distraction from the slow-burn implosion at home.