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The addiction metaphor does apply to America. We are simply addicted to our own bullshit. But like all floundering addicts, we have to hit bottom before anything like clarity returns to our daily doings. When that does happen, it will be as far from intoxicating as you can imagine. The smoldering wreckage of The World’s Highest Standing of Living will be visible in a 360-degree panorama.
Comment:
In my opinion, the “addiction” was American consumers being manipulated by globally promiscuous ” junkies ” to gleefully buy cheaper high quality consumer products.
Plus, our domestic manufacturing businesses were manipulated with obscene environmental laws and a 35% corporate rate tax in the USA and give themselves a 20% tax rate if moving overseas. Domestic companies were pretty much forced to shut down or move to foreign nations.
Re, the part, we have to hit bottom before anything? Well that already happened in the summer of 2008 exposing the smoldering wreckage of The World’s Highest Standing of Living that peaked around 1972 and culminated in 2008.
Because of all the above, TPTB are now the dog being wagged by the tail. Doing things they normally would not do, to rebuild the US consumer. Too little too late may be the situation now. They over harvested and over abused the American masses, and its all going against them now.
They are actually COMPLAINING and WORRYING about stagnant wages, or no wage inflation. It MEANS they all need more money (and tax receipts) and the masses inflation adjusted inadequate wages are liable to cause a massive deflation.
Maybe at that point, consumer prices getting lower, and wages still stagnant, it would be a like a pay raise.