If we look back in history and pay close attention to the evolution of both the defeated world war II countries and what we call the industrialized countries of today, we can quickly conclude that the industries they have re-built were for the most part more efficient and effective than the ones we had in the United States during the 1970’s. Well, I guess Japan, Germany and others had no choice but to take the stance of excellence if they were to compete against the only superpower of the post WWII age. They had to step up their game and do things differently.
Back in the 80’s, American industries had to compete against companies that were designed and developed to literally destroy the American industrial park as the hegemony of American enterprises was everywhere. It did its fair share of damage, that’s for sure.
At the same time, the rise of immigrants and women rights along with infusion of technology has caused the job market to become an “Employers Market,” as the workforce then had (and still has) way more people looking for jobs than jobs needing people. The supply of workers became too large for the country’s labor demands resulting in employers not having to pay decent wages to its employees as economist Richard Wolff once stated. The situation we are in today isn’t different from the realities of the 1980’s — Our current situation might be in fact much worse as the levels of technology imposed in our society has reached high levels of ridicule.
The American people is overworked, stressed, without money, in debt, and for the most part… still believing that the economic crisis is temporary. Not sure about that folks. This systemic ghost is here to stay. It might not even be an economical crisis but a crisis of philosophy.
Americans now work more than anybody in the world (including the Japanese), take less vacation days than the British, have less paid maternity leave time than any other nation among industrialized countries. Regardless of whether a mom gave birth through natural birth of cesarian session, employers only pay 5 weeks for full-paid compensation only on average. Stop here for a second…. Can anyone really go back to work after an intrusive C-Session only five weeks after surgery? You tell me.
Americans are suffering from anxiety, stress, syndromes here and more syndromes there due to overwork. On the top of all of that and due to the lack of home operational income, Americans had to borrow money against their houses in the year 2000’s in order to make ends meet. Too many lost their properties dues to foreclosure and in order to survive… Had to borrow against unsecured debt. The population lives on credit card debt because it is the only way folks can live and yet maintain the standard of living of consumption they once did. Economist Wolff seems to be correct about that, also.
Well my friends, let me share this with you. This time is coming to an end as the American credit card debt crisis has reached its limits. Be ready to hear about the crisis in student loan debt on mainstream media more often, very soon. Student loan debt will be the last bubble of our generation (in my opinion) but like all financial bubbles, it will explode and it will be ugly. I predict it will occur between 2020 and 2025. Students will be going to school to defer debt in mass quantities as high paying jobs become more scarce.
I see an ugly future for a lot of us members of the struggling middle class. As a college professor, I am suppose to hold a positive stance on hope but the evidence I see doesn’t give me too much hope folks. I think this whole fiasco will occur in this country in 2023. The country might default on its financial obligations which can result in life changing events never experienced before in the land of apple pie. I honestly don’t see a way out from this mess. The good news is that I am not an economics professor but a professor of media. The bad news is that if I am right…
And they keep telling me, “We need more technology!” I reply saying, “No, we need more brain cells!” We don’t need more technology. Ladies and gentleman, the boat is sinking and we are all a part of it. I encourage you to pray and pray hard because we will need it. Be ready to reduce your standard of living… Be accustomed to living in an apartment not in a house… Stop spending and look for ways to generate your own source of income. We must stick together and be creative.
Sticking together is perhaps the only way we will be able to deal with this whole crisis. God be with us.