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Refinancing is dead: a generation of Hard Times will continue until secularly real wages improve

On Monday I gave what I think is a reasonable roadmap to the next recession.  I wanted to follow up a little. The post from nearly 10 years ago was entitled, “Are Hard Times Near?  The great decline in interest rates is ending.”  The theory is right in the title.  Since the 1970s, real average hourly earnings had declined.  Average Americans coped …