Are Americans Entitled To A Forever Improving Standard Of Living Beyond The Rest Of The World?
Americans seem to have some unfortunate belief that by simply being Americans, they have an entitlement to a superior and improving standard of living. Not true. That may have appeared to be the case for some decades, but they will be in for a really agonizing shock. An increasingly global economy is a reality, and while the subject is somewhat overworked, it's true that Americans can not demand to be compensated handsomely for the same work that Asians are willing to do at a far lower wage. Neither can companies in India, China, etc., hope to have the ability to always pay those low wages permanently. There will most likely be some sort of a "meeting in the middle" over the coming years with Asian wages rising and American wages falling. That's great news for Asians, but not so great for a lot of Americans.
To a significant degree, Americans are living off the legacy of our former small-government, free-market, capitalist economy which was the engine that provided the increasing standard of living Americans used to experience and modern day Americans appear to expect. I say former, simply because we now have anything but that anymore. The central government attempts to regulate wealth creation while producing no wealth whatsoever. Its major products are rules, unsuccessful programs, and aggressive foreign wars. Not one of these has a positive impact on the wealth of this nation, and I believe that the "military-industrial complex" that President Eisenhower warned us about might be the most detrimental factor of all. In any case, given his armed forces experience he certainly should have known all about it. War is horribly expensive, and as we've seen, once we start one the mindset becomes one of "we need to have triumph so we have to spend whatever is necessary to achieve it." Seems like a route to national bankruptcy. Think about what might have been done with the money we've spent on these wars. And that doesn't even include the social costs to individuals and families.
The point is, downsizing on a family level will be the new thing to do, regardless of whether we like it or not. An ever increasing standard of living comes from private savings and investment, hard work, and a political environment established by a government that doesn't behave like business expansion will continue regardless of what the government might choose to do to impede it. To the degree those things are missing, so also will expanding private wealth be outside our reach.
One doesn't have to like the laws of economics, and one can employ the services of those with flawed views to obtain the answers one desires, however the facts stay the same.
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