Apple went public in December 1980, before today’s 50 million millennials were born. And there followed the longest run of economic growth in modern history, spanning five presidencies from Reagan through Clinton. Apple grew to become the world’s largest market cap company and a tech icon.
That was then. This is now. According to today’s techno-pessimists, nothing like that can happen again because technology and America have plateaued. Such naysayers, who flourish like mushrooms in the depths of economic recessions, have been wrong in every one of the 19 economic downturns we have experienced since 1912. And they’re wrong again.
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