Fiscal Wind and the End of an Exceptional Century According to Gordon

This article provides an in-depth analysis of Robert Gordon's provocative economic theory, which heralds the definitive end of the "exceptional century" of unprecedented economic growth. The author focuses on the phenomenon of "fiscal tailwind," perceived as one of the most serious constraints on modern development. Gordon boldly separates production from distribution mechanisms, suggesting that the state may be unwittingly strangling citizens' disposable income through the rising costs of debt servicing and social obligations such as Social Security and Medicare. The article critiques traditional GDP indicators, contrasting them with real well-being and consumer surplus. This analysis sheds new light on the future of living standards in an era of demographic crisis. In the face of these structural changes, the author raises fundamental questions about the durability of the current social contract and the legitimacy of a system that must face a painful "exercise in subtraction" in the coming decades.