I have been thinking a lot about persistently high unemployment, the status of the American middle class, and the life our children and grandchildren can expect in this country. The great recession was a shock to our country and most other countries in the developed world. What started as a financial shock turned into a wholesale evaluation of debt around the world. Most came to the conclusion that aggregate debt needed to be reduced in order for economic growth to reappear. Corporate America led the charge and has the lowest level of debt in a generation. The American consumer is slowing reducing their overall debt for the first time in decades. Government around the world is still rising but politicians are struggling with decisions to balance spending, taxes, and long term benefit costs. There is still a long way to go before we have sustainable government policies in place.
There are long term employment, education, demographic, and cultural changes occurring in our country. The Friedman piece puts these changes in perspective and provides a thought provoking way to think about our future. I hope you find it interesting and useful.
Click here to read The Crisis of the Middle Class and American Power by George Friedman.