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I only watched through 9:21. But I have said for years that we are going to experience a global equalization of standards of living. It is inevitable.
As the undeveloped world develops their standards of living are going to rise. This means that their wages will rise, their educational levels will rise, their discretionary spending will rise. This is a good thing.
Unfortunately, all of the nations that are already developed are going to see their wages decline as they strive to compete with workers in developing nations.
In order to survive this equalization, we need to make sure that Americans can see corresponding decreases in their costs of living to match their decreased wages. For example, instead of our government bailing out banks to solve the mortgage crisis, making sure that the fat cats stay fat while "homeowners" continue to lose their homes, we should instead have our government essentially start subsidizing housing, through refinancing at much lower rates or even reducing principle debts, so that housing costs decrease to match wage decreases. Likewise we need government efforts to drive other costs of living, like education, lower.
Americans can afford to go back to 1960s wages - as long as we also go back to 1960s costs of living.
I'm convinced that this is going to happen one way or another - we just need a government to help the common man survive this transition. Unfortunately, I don't think they give one whit for the common man. I believe the government is mostly controlled by people with money, and those people are only interested in making sure that policy protects their interests, not those of the common man.
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