Another reason why my kids are learning Chinese . . .
Though I'm not quite as dour as you. I think if one's kids are in the top 20%, life in the US will continue to be good. Of course that depends on being there . . .
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Originally Posted by Porsche-O-Phile
I'm trying to be somewhat optimistic about this and see a silver lining (I've been pretty harsh on housing for a while), but I think you're 100% correct on this tabs.
The housing crash (and it will be a crash, not a "correction" before this is over) is just indicative of the changes coming. The American way of life is changing permanently before our eyes and without sounding to terribly dour on the subject, I'll just say that the prediction that I always heard as a kid, "your generation will be the first in history to live less well than its parents" is absolutely coming true.
The coming generations will work harder, longer and earn less. They will not travel as much, see as much or experience as much as we all have. They will not be able to afford the types of housing our parents/grandparents took for granted. They will watch as the ROW (China and India, mostly) catch up to and then pass us, while our currency continues to erode.
I don't see much to be optimistic about looking forward, unfortunately. We've borrowed & spent ourselves into an irreversible problem.
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