Envy your kids: income keeps growing.

• Author: Bailey, Ronald
• Position: Citings

IN LESS THAN a lifetime, the $10.7 trillion U.S. economy could grow more than 12-fold, to $128.6 trillion by 2077, according to a new report issued by the nonpartisan Employment Policy Foundation (EPF). Taking population growth into account, that means real U.S. per capita personal income could rise fivefold, from $31,384 today to $155,632 in 2077.

Impossible? Not at all. This has happened before, way back in the 20th century: Since 1929 the U.S. economy has grown 10-fold, from $1 trillion to $10.7 trillion, while per capita personal incomes have grown 5-fold, from $6,329 to $31,384. As a result of an average economic growth rate of 3.4 percent since 1929, the U.S. economy represents about one-third of total annual world output of $32.2 trillion. "Having per capita personal incomes of...