Do Americans Have An Entitlement To A Constantly Growing Standard Of Living Greater Than The Rest Of The World?

Americans appear to have some regrettable notion that by simply being Americans, they have an entitlement to a high and improving standard of living. Not true. That may have seemed to be the truth for many decades, however they will be in for a really unpleasant shock. An increasingly global economy is a reality, and although the topic is to some degree over-worked, it's true that Americans can not expect to be compensated handsomely for the same work that Asians are willing to perform at a cheaper wage. Nor can businesses in India, China, etc., hope to have the ability to continue to pay those low wages permanently. There will most likely be some sort of a "meeting in the middle" during the coming years with Asian incomes growing and American paychecks falling. That's great news for Asians, but not so great for many Americans.

To a significant degree, Americans are living off the legacy of our former small-government, free-market, capitalist economy that has been the engine that supplied the rising standard of living Americans used to enjoy and modern day Americans appear to expect. I say former, because we now have anything but that anymore. The central government attempts to control wealth creation even though creating zero wealth whatsoever. Its major products are rules, failed programs, and aggressive foreign wars. Not one of these has a positive impact on the wealth of this country, and I believe the "military-industrial complex" that President Eisenhower cautioned us about could be the most detrimental factor of all. In any case, given his military experience he certainly should have known all about it. War is horribly costly, and as we have observed, as soon as we start one the mindset becomes one of "we must have triumph so we have to expend whatsoever is required to attain it." Seems like a route to national bankruptcy. Imagine what might have been done with the money we've allocated to these wars. And that does not even include the social damages to people and families.

The point is, downsizing on a family level is going to be the new thing to do, regardless of whether we like it or not. An ever increasing standard of living derives from private savings and investment, productive labor, along with a political setting established by a government that doesn't act like business expansion will continue regardless of what the government might decide to do to obstruct it. As far as those factors are missing, so also will increasing personal wealth be outside our reach.

One doesn't have to like the laws of economics, and one can utilize the services of individuals with mistaken ideas to obtain the answers one would like, but the facts stay the same.

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