Americans appear to have some regrettable belief that by simply being Americans, they are entitled to a superior and increasing standard of living. Not true. That may have appeared to be the truth for many decades, but they will be in for a terribly agonizing surprise. An increasingly global economy is a reality, and while the topic is to some degree overworked, it's true that Americans cannot demand to be paid handsomely for the same work that Asians are willing to do at a cheaper wage. Nor can companies in India, China, etc., hope to be able to always pay those low wages forever. There will most likely be some sort of a "meeting in the middle" over the coming years with Asian incomes growing and American wages falling. That's great news for Asians, but bad news for a lot of Americans.

To a large degree, Americans are living off the legacy of our former small-government, free-market, capitalist economy which was the engine that supplied the rising standard of living Americans used to experience and modern day Americans seem to expect. I say former, simply because we have anything but that anymore. The central government attempts to regulate wealth creation even though creating no wealth whatsoever. Its major products are regulations, unsuccessful programs, and aggressive foreign wars. None of these has a positive impact on the wealth of this nation, and I believe the "military-industrial complex" that President Eisenhower cautioned us about might be the most detrimental factor of all. Anyway, given his armed forces experience he sure should have known all about it. War is horribly expensive, and as we have observed, once we start one the attitude becomes one of "we need to have victory so we have to spend whatsoever is required to achieve it." Seems like a path to national bankruptcy. Think about what could have been done with the money we've spent on these wars. And that does not even include the social damages to individuals and families.

The point is, downsizing on a personal level will be the new thing to do, whether we like it or not. An ever increasing standard of living comes from private savings and investment, productive labor, along with a political environment established by a government that does not behave like business growth will continue regardless of what the government might choose to do to obstruct it. As far as those things are missing, so also will growing private wealth be outside our grasp.

One doesn't have to like the laws of economics, and one can employ the services of individuals with mistaken views to obtain the answers one wants, however the facts remain the same.

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