That it did and this powerful engine of true wealth no longer packs much punch in firing up the economy today.
It's all service now in America and the field of competition in these low margin businesses just keeps on increasing. Case in point, at a local food mart/strip mall in my area there are 3 Hair Cut joints and 2 Tanning Salons. Just a couple of years ago, there was only one barber shop and no tanning salons.
I went to one of these barber shops the other day and was the only one there. When I asked how business was the hair stylist replied that it was real slow. Yeah, no wonder. Everyone is trying to crowd into the same service businesses. Next year one of these shops will probably close and be replaced with yet another junk food joint.
America's New Economy.....
I live in an a somewhat rural/suburban area. 10 years ago there was probably 4-5 lawn cutting services. I just looked in the phone book and there are now 19. I know 1 of them because they do the lawn maintence on apartments my Dad and I own. According to the owner they have been slow over the last 3-4 years because of the influx of these businesses. Many are made up of layed off factory workers who decided to "pull up their bootstraps" as Rush calls it.