"Is this so bad? Falling into something of a European-type rut with permanent 8% unemployment and modest GDP gains? I remember the 90s. Everyone was buying shit non-stop. What kind of life is that?"

It was a pretty fabulous kind of life. People felt rich, there were shiny new buildings going up everywhere, the government's budget was running at a surplus, there was a general feeling of optimism and hope for the future. Given the choice, I'll pick that over trying to come up with reasons why our current situation of general political and economic misery is somehow morally better.