These included both heavy government spending to stimulate growth and recovery under the "New Deal" and favoring big business and cutting taxes on the wealthy under the economic theory of "Trickle-Down" (sometimes called " Reganomics " after President Ronald Regan who most famously implemented these policies).
Between 1946 and 1973, the U.S. economy grew by an average of 3.8 percent, while real median household income surged 74 percent (i.e., 2.1 percent per year). However, since 1973, the US economy has slowed in growth to an average of just 2.7 percent per year.
While the US economy has experienced sustained merchandise trade deficits since 1976, it has had a long-standing surplus in services trade.