I saw this over at the New York Times and I thought it warranted a comment:
MY grandmother, who was born in 1905, spoke often about the immense changes she had seen, including the widespread adoption of electricity, the automobile, flush toilets, antibiotics and convenient household appliances. Since my birth in 1962, it seems to me, there have not been comparable improvements.
Of course, the personal computer and its cousin, the smartphone, have brought about some big changes. And many goods and services are now more plentiful and of better quality. But compared with what my grandmother witnessed, the basic accouterments of life have remained broadly the same.
The income numbers for Americans reflect this slowdown in growth. From 1947 to 1973 — a period of just 26 years — inflation-adjusted median income in the United States more than doubled. But in the 31 years from 1973 to 2004, it rose only 22 percent. And, over the last decade, it actually declined.
via Incomes Are Stuck on Technology’s Plateau – NYTimes.com.
This article goes on to lament about how America’s standing in the world has fallen and how America’s level of income has fallen, in comparison to the rest of the world.
There is a simple reason for that; and that is Globalism. We have sacrificed America’s standing in the World and our financial superiority in the world at the altar of globalism. Free trade has killed America’s standing. Do not misunderstand me here; I am not for outright protectionism, however, I believe ALL of these so-called “free trade agreements” are unfairly slanted against America. We need to renegotiate this silly agreements with these foriegn countries and if those countries do not agree to the new terms; we should simply revoke the agreements. The we should go back to the old system of strict tariffs on those who wish to import their goods into this Country.
Until we do this; we are simply spinning our wheels.
The sick and sad part is that President Obama, when he was campaigning promised to do this very thing. Now that he is elected, he has done nothing. Which speaks volumes for the man and the Party that he represents. Perhaps now populists will that Democratic Party, for that which it has become; the part of parasites and socialism — instead of the party of the common man — of which it was founded.
Others: Marginal Revolution, The Reality-Based Community and Economist’s View