Are Americans Entitled To A Forever Growing Standard Of Living Greater Than The Rest Of The World?

Americans seem to have some regrettable belief that by simply being Americans, they have an entitlement to a superior and improving standard of living. Incorrect. That may have appeared to be the case for many decades, but they will be in for a really agonizing shock. An ever more global economy is a reality, and while the subject is to some degree overworked, it's true that Americans can not demand to be compensated handsomely for similar work that Asians are willing to do at a far lower wage. Nor can companies in India, China, etc., hope to have the ability to always pay those low wages permanently. There probably will be some sort of a "meeting in the middle" over the coming years with Asian wages growing and American wages falling. That's great news for Asians, but not so great for a lot of Americans.

To a significant degree, Americans are living off the heritage of our former small-government, free-market, capitalist economy which was the engine that provided the increasing standard of living Americans used to experience and modern day Americans appear to expect. I say former, simply because we now have anything but that any longer. The central government attempts to regulate wealth creation while creating no wealth whatsoever. Its major products are rules, unsuccessful programs, and aggressive foreign wars. Not one of these has a constructive impact on the wealth of this nation, and I believe that the "military-industrial complex" that President Eisenhower cautioned us about might be the most detrimental factor of all. In any case, given his armed forces experience he certainly must have known all about it. War is horribly expensive, and as we've observed, once we start one the mindset becomes one of "we need to have triumph thus we have to spend whatever is required to achieve it." Seems like a route to national bankruptcy. Think about what might have been accomplished with the money we've spent on these wars. And that doesn't even include the social damages to individuals and families.

The point is, downsizing on a family level will be the new thing to do, regardless of whether we like it or not. A continuously increasing standard of living comes from private savings and investment, hard work, along with a political environment established by a government that doesn't behave like business expansion will proceed regardless of what the government might choose to do to impede it. As far as those things are missing, so also will expanding private wealth be outside our reach.

One does not have to like the laws of economics, and one can employ the services of those with mistaken views to obtain the answers one desires, however the facts stay the same.

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