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I think we are well on our way toward becoming a third-world country.

No, actually we are on our way to a civil war. Because, unlike real third world countries, the cost of living in the USA continues to increase, along with expectations. So the population is getting squeezed from both sides. As soon as the last of the equity gets milked (that window has closed already) and people start having problems keeping a roof over their heads, or getting food, all hell is going to break loose.

People are going to start taking what they need by force, and civil order is going to be history.