It's not a fallacy because I specifically pointed that out. You can, however, point to all of the various technologies and cultural shifts that impacted our economy, and the 50+ year period of unrivaled prosperity that occurred afterward and say it most likely was for the best.

Very few nations ever achieve a period like America did from that point to probably about 9/11/01. If we had to make the decision again from a purely economic standpoint, given the benefit of hindsight, we'd make it the same way.