Our national financial management is horrible. It’s a problem that permeates both parties because, how do you get elected? You spend money to buy votes. So that problem won’t go away. But I don’t think we’ll have a Weimar Republic style collapse. That’s because we’re living at a time of huge change. The demographic dividend that gave every country in the world the opportunity to sell stuff at home and abroad is ending. People stopped having children. As a result, those who do have money abroad are sending it to the US where it has a better chance of being invested in something that will grow. How’s it going to grow? We have to build out the infrastructure to manufacture everything we used to get from China. We’re cutting down the suppliers from overseas to NAFTA, Japan, some of Europe and possibly Vietnam. I’m sure I left out a few, but there are tiny manufacturers all over the Pacific, some are just one building on a tiny island. Ships won’t be stopping there anymore. Their populations collapsed and the plants are empty. We’re going to be broadly okay. The rest of the world, not so much. This is one reason we have refugees from all over the planet crossing our southern border. THAT is the biggest disaster we’ve seen since 1929.
when 80% of the electorate are economic illiterates, this is where you end up ...
“It’s a problem that permeates both parties because, how do you get elected?”
Yes, but that’s how we do things. A first step would be having only citizens vote.
Interesting post. The cheap-ness of floating goods halfway around the world is a true double-edged sword.