Short sighted policies
We think we can keep on raising prices. We think we can keep on raising salaries. We think we can keep on having full employment and budget surpluses. We think our people can all be turned into geniuses by having the best education with the best facilities and best lecturers. We forgot that water will always find the lowest level. Gravity will bring everything down to earth. The US thought the world owes them a living and they have been living it up for a couple of centuries. But time is catching up with them. They are at the brink of a total collapse of their economic system based on high expenditure and borrowed money or printing money and high salaries. They think they can continue to pay their workers the best salaries only to see jobs fleeing to cheaper places. When we over pay our workers, jobs will flee too. When we overprice our services, properties, rentals, they too will look for cheaper places to go. This is a fundamental economic truth. Any exception is shortlived.