Reihan isn't buying the latest round of economic optimism:

There is at least one structural change that is undeniable: namely that there's been a delinkage between corporate profits and the health of the U.S. labor market. U.S.-based multinationals now look to emerging market economies as engines of growth. At home, these firms continue to aggressively cut costs and produce more with fewer workers. This has meant robust productivity increases, a sign of good things to come. But hiring and expansion is happening where the breakneck growth is happening, and that is not in the United States.

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