Globally, the trajectory of America's economy is spurring a different reaction: envy. On the heels of a steady six-month jobs expansion, the United States has reemerged as the star of — and perhaps the locomotive for — an otherwise slumping global economy.
In the latest reminder of how America is outpacing much of the developed world, the government said Thursday that the nation's gross domestic product -- the size of its economy -- grew at an annualized rate of 3.5 percent between July and September. That figure came amid growing fears that Europe is sliding into its third recession since 2008. And while the United Kingdom is faring well, too, economists predict that by 2015 the United States will be the rich world's standout economy.
http://www.washingtonpost.com/blogs/wonkblog/wp/2014/10/30/the-u-s-recovery-is-frustrating-but-its-the-envy-of-the-advanced-world/
I worry that although output of the US economic engine is healthy and growing, there is a disturbing long-term shift in the distribution of wealth that is forever eroding the definition of the Middle Class and slipping us all downhill, with those close to the bottom suffering the most.
Much of this is due to artificial factors like the effect of continued 0% (effectively negative) interest rates from the fed. When we can sustain 3%+ GDP growth under normal conditions, I'll be relieved. I continue to worry about the larger picture.
Quote from: IrvAdams on October 31, 2014, 09:49:33 AM
I worry that although output of the US economic engine is healthy and growing, there is a disturbing long-term shift in the distribution of wealth that is forever eroding the definition of the Middle Class and slipping us all downhill, with those close to the bottom suffering the most.
This is how many people in Europe see it, as well, so they are rather more afraid of the economy over here becoming like the US one than envyous of it.
The US economy used to be the envy of the world. Not anymore.
Our current Capitalist system creates enormous wealth for an incredibly small percentage of the population (less than 1 %), misery and poverty for a large percentage of the population (45,000,000 people or 15 %), and a middle class that is completely stagnant.
I believe a quick review of statistics comparing our levels of basic education and health/wellness would reveal we
are way down the list on those two, compared to countries around the world. Our immigration "problem" stems from incredibly poor people coming here from South and Central America, not Canada or any nation we consider our peer.