America and its economy are at a significant crossroads: uncontrolled asset inflation, massive consumer debt and a large budget deficit have converged on a structural fault line (not to mention the impact of its military endeavors and political isolation.) Baby boomer consumption is slower, a new generation is taking over and American demographics are moving toward a Hispanic majority within the next two decades.
The U.S. economy is also making up an ever-smaller proportion of world GDP, and that’s a trend we should get used to. The euro zone is now the world’s top economic producer (with a GDP of about $16.3 trillion), while China, India and the returning Russia are all enjoying fundamental growth.
Has any of this gone unnoticed by the rest of the world? No. But Americans carefully and intentionally avoid these fundamental issues as topics of conversation. American politicians and presidential candidates divert the debate to 9/11 (now six years ago), foreign policy, Iraq and the armed forces.
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