Are Americans Entitled To An Ever Rising Standard Of Living In Excess Of The Rest Of The World?
Americans appear to have some regrettable notion that by simply being Americans, they are entitled to a superior and improving standard of living. Not true. That may have appeared to be the truth for many decades, however they will be in for a terribly agonizing shock. An increasingly global economy is a reality, and while the topic is to some degree over-worked, it's true that Americans cannot demand to be compensated handsomely for the same work that Asians are willing to do at a cheaper wage. Nor can businesses in India, China, etc., hope to be able 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 incomes growing and American paychecks falling. That's great news for Asians, but bad news 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 supplied the rising standard of living Americans used to enjoy and modern day Americans seem to expect. I say former, simply because we now have anything but that anymore. The central government attempts to control wealth creation even though creating zero wealth whatsoever. Its major products are regulations, unsuccessful programs, and aggressive foreign wars. Not one of these has a positive impact on the wealth of this nation, and I believe the "military-industrial complex" that President Eisenhower cautioned us about may be the most detrimental factor of all. Anyway, given his armed forces experience he certainly should have known all about it. War is horribly expensive, and as we have observed, as soon as we start one the attitude becomes one of "we need to have triumph so we have to spend whatsoever is required to attain it." Seems like a path to national bankruptcy. Think about what might have been done with the money we've spent on these wars. And that does not even include the social damages to people and families.
The point is, downsizing on a personal 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, productive labor, along with a political setting established by a government that does not behave like business expansion will continue regardless of what the government might choose to do to obstruct it. As far as those factors are missing, so also will growing private wealth be outside our reach.
One doesn't have to like the laws of economics, and one can employ the services of individuals with mistaken ideas to obtain the answers one wants, however the facts stay the same.
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