Kevin Hassett

you'd have to get it on the Queen Mary or something and move it around.

And now it's really, really easy.

100 years ago, I guess we didn't have a telephone.

Or maybe we just started to have a telephone.

But now we've got the internet and we've got AI helping us decide how to move stuff around.

We've got a capital spending boom that would have been impossible 100 years ago.

And so I don't think that...

Yeah, I don't think that history in this case is going to be that useful because it's clearly a point where the assumption of ergodicity is not going to apply.

And so we're seeing massive movements.

You've seen the big drug companies, movements of production to the U.S.

that will benefit U.S.

consumers and especially U.S.

workers.

We're seeing real wages already this year going up significantly.

recovering maybe about a third of the ground that we lost under Joe Biden with the high inflation.

And I think that those real wages are going up because we're getting a lot of onshoring.

It's not just because of the big beautiful bills tax cuts, but also because of the onshoring from the tariffs.

Yeah, I mean, it's such a small movement that it's hard to say exactly.

But I would say that one of the interesting puzzles is that, first, we're having a productivity boom that is really unprecedented in the following sense.

When I worked with Alan Greenspan back in the 90s, it was just at the dawn of the computer age, really.