Are Americans Entitled To A Continuously Growing Standard Of Living Beyond The Rest Of The World?

Americans seem to have some regrettable notion that by simply being Americans, they are entitled to a superior and improving standard of living. Incorrect. That may have appeared to be the situation for some decades, but they are in for a really agonizing surprise. An increasingly global economy is a fact, and although the subject is somewhat overworked, it is true that Americans can not expect to be compensated handsomely for the same work that Asians are prepared to perform at a far lower wage. Nor can companies in India, China, etc., expect to be able to continue to pay those low wages permanently. There will most likely be some sort of a "meeting in the middle" over the coming years with Asian wages rising and American wages falling. That's great news for Asians, but not so great for many Americans.

To a significant degree, Americans are living off the heritage of our former small-government, free-market, capitalist economy that has been the engine that supplied the growing standard of living Americans used to enjoy 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 even though creating zero 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 that the "military-industrial complex" that President Eisenhower cautioned us about could be the most detrimental factor of all. In any case, given his armed forces experience he sure should have known all about it. War is unbelievably expensive, and as we've observed, once we get into one the mindset becomes one of "we need to have victory so we have to expend whatsoever is necessary to achieve it." Sounds like a route to national bankruptcy. Imagine what might have been done with the cash we've allocated to these wars. And that doesn't even include the social costs to people and families.

In any event, downsizing on a family level is going to be the new thing to do, whether we like it or not. A continuously improving standard of living comes from private savings and investment, hard work, and a political environment established by a government that doesn't act like business growth will continue no matter what the government might decide to do to impede it. As far as those factors are absent, so also will expanding private wealth be outside our grasp.

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