But the Census Bureau was kind enough to release their 2019 data (HERE), and it was simply as divergent to the positive market data as could be. I could only find once in US history that total US population grew at such a low rate (below 0.5%) and that was due to the 1918-1919 global influenza pandemic (Spanish Flu) which in the aftermath of WWI killed between 20 and 40 million globally and nearly 700,000 Americans. This was almost ten times those Americans that perished in the war to end all wars.
The reality is the lower organic population growth (and resultant consumer growth) goes, the greater synthetic substitutes are employed.
The chart below should be the chart of the year except the US picture is relatively "better" than most advanced nations. It is the ongoing collapse in US population growth among the under 70 year-old population versus surging 70+ year-olds. The Census detailed that total 2019 population growth fell to just 1.55 million and this was due to ongoing declining total births and collapsing net immigration (much to due with stronger border enforcement). 2008 was the precipice and under 70 year-old population growth has been tumbling ever since. As a reminder, it is the 0-70 year-olds that make up 90%+ of the work force, that undertake 90%+ of the credit, and it is they that drive the increase in the money supply in our fractional reserve banking system. When their growth is minimal, the deleveraging of the fast growing elderly essentially destroys currency causing a cascade of deflation. Only via pure monetization underway now can central banks delay the overwhelming tide of deflation and asset collapse.