Here's an excerpt:
The United States increasingly resembles a 3rd world country in terms of unemployment, lack of economic opportunity, falling wages, growing poverty and concentration of wealth, government debt, corporate influence over government and weakening rule of law. Federal Reserve monetary policies and federal government economic, regulatory and tax policies seem to favor the largest banks and corporations over the interests of small businesses or of the general population. The potential elimination of the middle class could reshape the socioeconomic strata of American society in the image of a 3rd world country. It seems only a matter of time before the devolution of the
United Statesbecomes more visible. As the U.S.economy continues to decline, public health, nutrition and education, as well as the country’s infrastructure, will visibly deteriorate. There is little evidence of political will or leadership for fundamental reforms. All other things being equal, the U.S.will become a post industrial neo-3rd-world country by 2032.
Nothing is etched in stone, but when a nation runs a $600,000,000,000 dollar trade deficit year after year, it transfers that amount of wealth to China, Korea, Oil Producing Countries, etc EACH YEAR. Those other parties except paper notes (IOUs) in exchange for real goods until there is a loss of confidence in those promissory notes. When that happens, there may be a rapid loss of purchasing power as the dollar drops and inflation rises. The slide to 3rd World Status will be relatively quick on historical timeframe.
Four more years of gridlock in Washington might cause this loss of confidence. Obama, true to his African ancestry, will continue to act (or, more importantly, to not act) to help the descent into 3rd World status. That's why my blogs Washington's Anti-Energy Policy, A Real Energy Plan For America, US Govt Policies Are Not Working and Washington is Corrupt All the Way to the Top are relevant to reversing trade deficits, reversing counter-productive government policies and improving some sort of "rule of law" in this country.