US electricity production has remained flat for two decades, signaling stagnant real economic growth despite recent policy responses. This metric is widely regarded as a reliable indicator of genuine economic expansion, highlighting structural challenges within the US economy. Bond investors currently expect the US to recover lost ground without significant real-term losses in the bond market. However, analysis suggests this consensus may be flawed, as catching up on twenty years of stagnation without crushing bond valuations in real terms appears unfeasible under current conditions.