Yes, the American economy is picking up. The problem is, how the American economy relates to the rest of the world. Much of the planet is slowly finding its way out of grinding poverty. America is grinding its way into ever increasing debt. The rate of American growth from 1750 until now is going in a poor direction.
The Obama administration has already lifted over 600 billion dollars in new tax revenues. The regime is on track to put the grab on another 600 billion. With that move, as a matter of history, the common question among fiscal administrators is, can the U.S. retain its financial status as a nation?
And if so, for how long?
Way back when England’s Prime Minster David Cameron invited the French wealthy to England, it was a smart move.
Since then, 400,000 well-to-do over-tax-burdened French have moved to England making it the 6th largest city of French residents.
Sure, it’s just across the pond, you can even take the tunnel, locally called the “chunnel” (Channel Tunnel). Still, it goes to prove rich people will move and take their money with them.
As for America’s international leadership continuing in the financial sense, general AEA consensus is that we must begin teaching every citizen more about financial literacy.