Such levels would be nearly 200 basis points above the prior peak reached at the height of the credit-induced global growth bubble.

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Consider, for example, the decades of production of a human growth hormone for below-average-height children by the National Pituitary Agency.

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Wage and salary growth has slowed from about 4.5% before inflation year-over-year during the height of QE2 during first half of last year to a meager 3.2% nominal growth year over year since the start of this year.

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This condition is called constitutional growth delay, and these individuals experience their growth slow-down a few years later than their peers while still reaching a fairly normal adult height.

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