Are Americans Entitled To A Forever Improving Standard Of Living Beyond The Rest Of The World?
Americans seem to have some regrettable notion that by simply being Americans, they have an entitlement to a superior and increasing standard of living. Not true. That may have appeared to be the situation for many decades, however they will be in for a really agonizing surprise. An increasingly global economy is a reality, and while the subject is to some degree over-worked, it's true that Americans can not demand to be paid handsomely for the same work that Asians are willing to do at a far lower wage. Nor can businesses in India, China, etc., hope to have the ability to always pay those low wages forever. There will most likely be some sort of a "meeting in the middle" over the coming years with Asian wages growing and American paychecks falling. That's great news for Asians, but not so great for a lot of Americans.
To a large 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 enjoy and modern day Americans appear to expect. I say former, simply because we have anything but that anymore. The central government attempts to regulate wealth creation while creating zero wealth whatsoever. Its major products are rules, unsuccessful programs, and aggressive foreign wars. None of these has a positive impact on the wealth of this nation, and I believe that the "military-industrial complex" that President Eisenhower cautioned us about may be the most detrimental factor of all. In any case, given his armed forces experience he sure should have known all about it. War is horribly expensive, and as we've observed, as soon as we start one the mindset becomes one of "we need to have victory so we have to spend whatever is required to attain it." Seems like a route to national bankruptcy. Think about what could have been done with the money we've spent on these wars. And that doesn't even include the social damages to people and families.
The point is, downsizing on a family level will be the new thing to do, whether we like it or not. An ever increasing standard of living comes from private savings and investment, hard work, along with a political setting established by a government that doesn't behave like business growth will continue regardless of what the government might choose to do to impede it. As far as those factors are missing, so also will increasing private wealth be outside our grasp.
One doesn't have to like the laws of economics, and one can employ the services of those with mistaken ideas to obtain the answers one would like, however the facts remain the same.
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