Is the economy broken? I keep hearing – and hearing, and hearing, and hearing – how the US economy is broken, but is this really true or is the truth that the US economy has been broken for decades and what we’re painfully experiencing is it fixing itself?
It seems to me that latter possibility is far more likely true than the former.
How Is The Economy Broken?
There’s a plethora of ways that all levels of the US economy have been broken for many years.
- Fiat currency. Our money is solely backed by the “The full faith and credit of the United States Government.” Yeah, it seems that faith in the US Govt.’s credit is waning.
- From individuals to the federal government we’ve been living beyond our means for decades. We’ve become a culture of debt.
- We’ve mistaken money for wealth. Complex financial vehicles have replaced goods as the basis for America’s economy but they’re fictions based upon ether. What does America still produce?
These three longstanding, fundamental flaws in America’s economy are just a sampling of what’s been wrong for a long time. There are many more and even just the three above have myriad examples and far ranging negative effects.