Do Americans Have An Entitlement To A Continuously Growing Standard Of Living Beyond The Rest Of The World?
Americans appear to have some regrettable belief that by simply being Americans, they are entitled to a high and improving standard of living. Not true. That may have seemed to be the truth for many decades, but they will be in for a terribly unpleasant shock. An increasingly global economy is a reality, and although the topic is to some degree overworked, it's true that Americans cannot expect to be compensated handsomely for the same work that Asians are willing to perform at a cheaper wage. Nor can companies in India, China, etc., hope to be able to continue to pay those low wages permanently. There will most likely be some sort of a "meeting in the middle" during the coming years with Asian incomes growing and American wages 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 small-government, free-market, capitalist economy that has been the engine that supplied the increasing standard of living Americans used to experience and modern day Americans seem to expect. I say former, because we now have anything but that anymore. The central government attempts to manage wealth creation even though creating no wealth whatsoever. Its major products are regulations, failed programs, and aggressive foreign wars. Not one of these has a positive impact on the wealth of this country, and I believe the "military-industrial complex" that President Eisenhower cautioned us about might be the most detrimental factor of all. Anyway, given his military experience he certainly should have known all about it. War is horribly costly, and as we have observed, once we start one the attitude becomes one of "we must have triumph so we have to expend whatsoever is required to achieve it." Seems like a path to national bankruptcy. Imagine what might have been done with the money we've allocated to these wars. And that does not even include the social damages to individuals 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 increasing standard of living derives from private savings and investment, productive labor, along with a political environment established by a government that does not act like business expansion will continue regardless of what the government might decide to do to obstruct it. As far as those things are missing, so also will growing personal wealth be outside our reach.
One doesn't have to like the laws of economics, and one can utilize the services of individuals with mistaken views to obtain the answers one wants, but the facts stay the same.
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