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The fundamental driver of the economy is people eating and clothing themselves, not writing memos that are never read.


Food is 13% of US consumer spending, and clothing is 2.7%. Both have declined steadily since the industrial revolution.


I assure that people being alive is going to be the fundamental driver of the economy no matter what percent of consumer spending it is.


Now cut off people’s access to those and let’s see how the economy does




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