Are Americans Entitled To A Continuously Soaring Standard Of Living Greater Than The Rest Of The World?
Americans appear to have some regrettable belief that simply by being Americans, they are entitled to a superior and increasing standard of living. Not true. That might have appeared to be the truth for many decades, but they are in for a terribly agonizing surprise. An increasingly global economy is a fact, and while the topic is to some degree overworked, it is true that Americans cannot demand to be paid handsomely for the same work that Asians are prepared to do at a cheaper wage. Nor can companies in India, China, etc., expect to be able to always pay those low wages forever. There will most likely be some form of a "meeting in the middle" over the coming years with Asian incomes growing and American wages falling. That's good news for Asians, but bad news for a lot of Americans.
To a large degree, Americans are living off the legacy of our former free-market, small-government, capitalist economy which was the engine that supplied the rising standard of living Americans used to experience and today's Americans seem to expect. I say former, simply because we have anything but that anymore. The central government tries to control wealth creation even though creating no wealth whatsoever. Its main products are regulations, unsuccessful programs, and aggressive foreign wars. None of these has a positive impact on the prosperity of this nation, and I believe the "military-industrial complex" that President Eisenhower cautioned us about might be the most destructive factor of all. Anyway, given his armed forces experience he sure should have known all about it. War is unbelievably expensive, and as we have observed, once we get into one the attitude becomes one of "we need to have victory so we need to spend whatsoever is required to achieve it." Sounds like a path to national bankruptcy. Think about what could have been done with the cash we've spent on these wars. And that does not even include the social damages to individuals and families.
In any event, downsizing on a personal level will be the new thing to do, whether we like it or not. An ever improving standard of living comes from private savings and investment, productive labor, along with a political environment created by a government that does not behave like business growth will continue no matter what the government might choose to do to obstruct it. As far as those things are absent, so also will growing private wealth be outside our grasp.
One doesn't have to like the laws of economics, and one may employ the services of individuals with mistaken views to get the answers one wants, however the facts remain the same.
Are Americans Entitled To A Continuously Soaring Standard Of Living Greater Than The Rest Of The World?
Americans appear to have some regrettable belief that simply by being Americans, they are entitled to a high and improving standard of living. Not true.
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