Too Much Human Productivity?

This past week, as I peered out into the newly unfolding year, I was caught in a moment pondering all the various potential tailwinds (and headwinds) that seemingly have already occurred, are underway, or may present themselves this year. Lost in the listing of the various items, from rising rates, asset and commodity inflation, record low and falling mortgage rates, subsequent rising equity of said homes, company cost-cutting, potential pent-up consumer demand, buybacks, and of course monetary and fiscal stimulus, among items, I came to something else: worker productivity and it’s ensuing impact on…