Quote:
Originally Posted by Georgerufus
So is the US economy totally boned ?
Is it undergoing some sort of transitional change, will it pick up and the good teach manufacturing type non service growth return ?
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The US is experiencing a post-industrial migration to a service economy while attempting to maintain a standard of living predicated on former global goods and services trade dominance. Unfortunately we're using public/personal debt and aggressive foreign policy in attempts to bridge our past and present standards of living, neither of which inspire any confidence in our currency. Some countries in the EU are in the same fiscal position, but due to their semi-socialized status and lack of war mongering, they don't have as far to fall. Same old declining conditions repeated throughout history by various empires.