Hi JB - (I wonder how many even know who Joe Btfsplk was?)
"There's always tension between investment and consumption. The latter is at all times dependent on the former. Sometimes capital is slow in concessions. In aggregate, it's way past time to recognize that increasing, even stable, wages can be contrary to the general interest."
A good expression of the problem, though incomplete.
It goes further than that. What constitutes "enough" in any particular country's economy is an expression of societal values, not just dollars and cents.
However, I like your characterization of tension(s), because at this time, many of them are becoming obvious. The decline of US economic primacy will cause a fluid economic situation, and many of the old debates will be revived. Here and elsewhere, that's already happening. We can expect a contentious atmosphere for years to come, as the inevitable consequences of our failures work their way through society.
Prosperity and abundance have been lost to global dynamics, and our collective mistakes. We failed to hold our advantage. As it slips from our hands, our resources will diminish, and our surpluses vanish.
It's only in a subtractive environment that hidden stresses fully manifest themselves. That's what's happening, and it's completely predictable.
Jim |
