For about 30 years we've been on a consumption binge in which we borrowed money -- from China, from the equity in our homes, etc. -- to buy "stuff" made abroad and to have fun. This massive binge of course created jobs in retail, service and hospitality, and even some technology jobs related to distributing these goods and services (Amazon, Netflix, etc.).
But what happens when the money runs out and consumers start to rebuild their savings? Well, when that happens, like it has ever 7-10 years, our stock market crashes and jobs are lost and the government lights up the printing presses to create another bubble. The party starts again.
How much longer can we keep this going? Will our economy take a huge crash before we finally consider letting it restructure?