Do Americans Have An Entitlement To A Continuously Soaring Standard Of Living In Excess Of The Rest Of The World?
Americans appear to have some unfortunate notion that by simply being Americans, they are entitled to a high and improving standard of living. Incorrect. That might have appeared to be the situation for some decades, however they will be in for a terribly unpleasant shock. An increasingly global economy is a fact, and while the topic is somewhat over-worked, it's true that Americans cannot expect to be compensated handsomely for the same work that Asians are prepared to do at a cheaper wage. Neither can businesses in India, China, etc., hope to be able to continue to pay those low wages permanently. There will most likely be some form of a "meeting in the middle" over the coming years with Asian incomes rising and American paychecks falling. That's great news for Asians, but bad news for many Americans.
To a significant degree, Americans are living off the legacy of our former free-market, small-government, capitalist economy which was the engine that supplied the growing standard of living Americans used to enjoy and modern day Americans seem to expect. I say former, because we now have anything but that anymore. The central government tries to control wealth creation even though producing zero wealth whatsoever. Its major products are regulations, failed programs, and aggressive foreign wars. Not one of these has a positive impact on the prosperity of this nation, and I believe the "military-industrial complex" that President Eisenhower warned us about may be the most detrimental factor of all. Anyway, given his military experience he certainly should have known all about it. War is unbelievably expensive, and as we have seen, as soon as we start one the attitude becomes one of "we must have triumph so we need to spend whatsoever is necessary to attain it." Seems like a path to national bankruptcy. Imagine what might have been done with the cash we've spent on these wars. And that does not even include the social costs to people and families.
The point is, downsizing on a personal level is going to be the new thing to do, regardless of whether we like it or not. An ever improving standard of living comes from private savings and investment, productive labor, and a political setting established by a government that does not act like business expansion will continue no matter what the government might choose to do to obstruct it. To the degree those factors are missing, so also will expanding personal wealth be outside our reach.
One doesn't have to like the laws of economics, and one may employ the services of individuals with flawed ideas to obtain the answers one desires, but the facts stay the same.
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