Our leaders are making a fundamental error [in] working on solutions without a good understanding of the problem. We don’t need an economic stimulus to jump-start the economy. We have a systemic problem that requires a long-term approach: We are merging our economy with China.
Average family income in the U.S. is about $40,000 per year. Average family income in China is about $2,000 per year. As our economies merge, these averages will seek a balance. Until they do, our family incomes will continue to decline while China’s family incomes will increase. This will be painful for us. Government spending cannot fix this problem. We need to adjust to the new, unpleasant reality.
For more details, see the PBS documentary, “The Ascent of Money” (a history of our current financial crisis). The full series will air this spring.
— Paul King