I disagree with your contention - what appeared as our “standard” of living was an illusion, pumped up by public and private debt.
Now that the private debt has blown up we are attempting to retain our “standard” by transfering debt from the private balance sheet to the public balance sheet.
As a nation, we are delusional. HS grads doing blue collar work making $100K/year? It might sound great, but it is a disaster wating to happen because it is not sustainable.
“As a nation, we are delusional. HS grads doing blue collar work making $100K/year? It might sound great, but it is a disaster wating to happen because it is not sustainable.”
In competition with 3rd world labor pools, I agree.