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

Americans seem to have some unfortunate belief that simply by being Americans, they have an entitlement to a superior and improving standard of living. Not true. That might have seemed to be the case for some decades, but they are in for a really agonizing shock. An increasingly global economy is a fact, and although the subject is somewhat overworked, it is true that Americans can not demand to be compensated handsomely for the same work that Asians are prepared to perform at a far lower wage. Neither can companies in India, China, etc., expect to have the ability to always pay those low wages permanently. There will most likely be some form of a "meeting in the middle" during the coming years with Asian wages rising and American wages falling. That's good news for Asians, but not so great for a lot of Americans.

To a significant degree, Americans are living off the legacy of our former free-market, small-government, capitalist economy that has been the engine that provided the growing standard of living Americans used to experience and today's Americans appear to expect. I say former, simply because we now have anything but that anymore. The central government tries to manage wealth creation while producing no wealth whatsoever. Its main products are rules, unsuccessful programs, and aggressive foreign wars. Not one of these has a positive impact on the prosperity of this country, and I believe that the "military-industrial complex" that President Eisenhower warned us about might be the most destructive factor of all. In any case, given his armed forces experience he certainly should have known all about it. War is unbelievably costly, and as we've seen, once we get into one the mindset becomes one of "we need to have triumph so we need to expend whatever is necessary to achieve it." Sounds like a route to national bankruptcy. Think about what might have been done with the cash we've allocated to these wars. And that doesn't even include the social costs to individuals and families.

In any event, downsizing on a family level will be the new thing to do, regardless of whether we like it or not. An ever improving standard of living derives from private savings and investment, hard work, and a political environment created by a government that doesn't behave like business expansion will continue no matter what the government might decide to do to impede it. To the degree those things are absent, so also will increasing private wealth be outside our reach.

One doesn't have to like the laws of economics, and one may utilize the services of those with flawed views to get the answers one would like, however the facts stay the same.

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