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Argentina was one of the wealthiest most developed countries in the world in the early 20th century. It slid into economic decline starting in the Great Depression and continuing with the election of socialist Juan Peron in the 1940s. It never really recovered and has lurched from one economic crisis to another for the last 70 to 80 years, falling further and further behind.
I don't know if the US is headed that way, but the signs are not encouraging. Let's hope we don't become a 21st century Argentina.
Years of stupid laws, stupid spending, and stupid politicians have already put us in a death spiral both financially and morally... the greatest country ever will go the same way all large empires have gone... we will struggle for decades before finding some stability as a smaller, poorer, and unhappy also-ran.
I guess just look at the UK. They don't seem to be living too poorly as a whole and they had a real empire at one time and the world's king currency for a few centuries. They have had debt blow ups, currency runs and a messy problem with how much to tax/spend, but through it all they still maintain a pretty strong place in the world economy.
People can whine about how free trade produces some losers and it inevitably does, but it also provides a lot of winners and prevents a lot of the real economic calamities which can beset a country. While the US isn't a pure free trade economy, its far purer than most and the way it imports and exports innovation, economies of scale and inflation/deflation give quite a lot of flexibility to the future economy. The country someday will get passed in GDP and may not have the king currency, but once again look at the UK and see that while it costs some small advantages, in the end it doesn't signal a death spiral.
When America long ago were producing everything branded "made in the U.S.A" and then years later out sourced jobs because of greedy CEOs and stock holders by moving their companies lock stock and barrel overseas and products from Japan, South Korea, Taiwan and other countries started coming into the U.S. and left alot of workers looking for other jobs to survive and make ends meet! No wonder America has weaken it's economy! So, the economic recovery for America will not be an overnight miracle, it will take decades! New ideas and inventions takes awhile to be manufactured depending on their costs and public demand! Example: the solar energy companies, couldn't compete, so the government bailed them out to no avail, because the company squandered the money and didn't even pay anything back! That's no way to do business in America! There has to be some guarantees from the companies, check measures and balances by the government or CEOs and their stock/share holders will runaway with the money when the company shuts down without prior notice, which some already have done to the Government bail out money!
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However, the most likely scenario is a decline, relative or absolute, in the standard of living of the average person in the countries of early industrialization - some of whom perceive it as a collapse - and an increase, relative or absolute, in the standard of living of the average person in the newly industrialized countries in such a way that they all meet somewhere in a mediocre middle, though at a lower average level than what was the case in the countries of early industrialization in, say, the 1950s-1990s period.
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we will struggle for decades before finding some stability as a smaller, poorer, and unhappy also-ran.
The leadership (political or business) is not there to 'Pull USA out'
2 class society coming soon to a country near you. USA residents are VERY compliant and can be led WAY down the path without considering the consequences until too late. (party over).
That said... TODAY it is still the best game in town (for international stability / growth / historical economic leadership)
But, unfortunately it is only the 'momentum' that has kept the grim reaper from cutting her down.
The cards have been dealt, and the USA in not holding a very good hand (and China, Singapore, Brazil, Canada, Australia, Germany ALL know it). The Emperor Has Lost his clothes... too bad.The Emperor's New Clothes: Tales of type 1620
However, the most likely scenario is a decline, relative or absolute, in the standard of living of the average person in the countries of early industrialization - some of whom perceive it as a collapse - and an increase, relative or absolute, in the standard of living of the average person in the newly industrialized countries in such a way that they all meet somewhere in a mediocre middle, though at a lower average level than what was the case in the countries of early industrialization in, say, the 1950s-1990s period....
.... we will struggle for decades before finding some stability as a smaller, poorer, and unhappy also-ran.
...maybe. Im thinking we will continue to be a productive prosperous economy just the benefits wont be widely distributed. Thats the premise of this article
American Corporations are earning money. Everytime some Tom enters a McDonalds in Russia or some Dick in India buys a Coke or some Harry in China purchases an I-Phone, they are all American products and I would like to know that what percentage of that profit comes back to USA? We should become rich by selling our products in those countries. Our corporations are becoming rich and thats what we want in a capitalist society.
American Corporations are earning money. Everytime some Tom enters a McDonalds in Russia or some Dick in India buys a Coke or some Harry in China purchases an I-Phone, they are all American products and I would like to know that what percentage of that profit comes back to USA? We should become rich by selling our products in those countries. Our corporations are becoming rich and thats what we want in a capitalist society.
They are not "our" corporations. Rather, they are owned by shareholders, most of which are international institutions with no particular link or loyalty to the United States and its people.
People can whine about how free trade produces some losers and it inevitably does, but it also provides a lot of winners and prevents a lot of the real economic calamities which can beset a country.
The winners-and-losers view doesn't do free trade justice. It isn't zero-sum, for one, so free trade doesn't, in and of itself, produce "losers" from an objective standpoint.
Ironically, a lot of the people who complain the loudest about free trade don't have a good grasp of it or they fail to note all the protectionist policies which are little more than a lot of dead weight loss.
They are not "our" corporations. Rather, they are owned by shareholders, most of which are international institutions with no particular link or loyalty to the United States and its people.
If they are not "our" corporations and no loyalty towards US, then why do we keep on focusing on giving them more and more tax breaks as they are neither bringing any profits in US nor creating any jobs. Tax cuts for the super rich-that is the Conservatives plan for economy. One example-Conservatives want to give tax break to Disney Corporation. Disney uses that money of tax break, invests in India where they hire hundreds of people who are working on American projects. who got benefit-India becoz they got investment in Real Estate and jobs and Disney because they got cheap labor there. Who lost-American Tax payers as Disney got Tax break.
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