Is America reverting to the mean?
Reality can be such a drag.
Robert Samuelson suggests Americans are losing their hope in achieving the American dream. He makes a compelling case as to why hope dies.
- Economists know little. What they do know is often wrong and experience shows, not to be trusted.
- Many large corporations have become sclerotic and survive—barely—only by practicing political-favor based crony capitalism.
- Productivity gains are failing to keep pace as they trickle-down, especially growth in health care costs, other inflation (food and energy), and in light of government-sanctioned wealth transfers to older Americans (and governmental debt transfers to younger Americans).
- The breakdown of the traditional family worsens everything.
Responsibility for essential items—security, housing, food, retirement, education, health care—has been transferred to government. Sadly, government is, and will be, unable to provide. Meanwhile, regulation—and legislation—strangles improvement while it’s still in the crib, or perhaps more often, before it’s born. (And Facebook and Twitter are not improvements; they’re distractions… generally.)
Unchanged, this will not end well. Therefore, onto the real questions: 1) Are we past the point of no return? 2) Is there something we can do?