Are Americans Entitled To A Permanently Increasing Standard Of Living In Excess Of The Rest Of The World?


Americans appear to have some regrettable belief that by simply being Americans, they are entitled to a high and increasing standard of living. Incorrect. That may have seemed to be the truth for many decades, but they will be in for a terribly unpleasant surprise. An ever more global economy is a reality, and although the topic is to some degree overworked, it's true that Americans cannot expect to be paid handsomely for similar 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 forever. There probably will 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 large degree, Americans are living off the heritage 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 have anything but that any longer. 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. None of these has a constructive 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 sure must 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 victory thus we have to expend whatsoever is required to achieve it." Seems like a path to national bankruptcy. Imagine what could have been accomplished 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, whether we like it or not. A continuously 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 growth will proceed 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 grasp.

One does not 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 remain the same.

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