Finally! We're heading for equality!
For the last 10 to 15 years, the rich are getting poorer and the poor are getting poorer. Everybody's in the same boat and the falling tide is lowering everybody.
Better yet, all races are getting poorer at the same time! We're all in this together!
I wonder where all the money has gone?
Ahhhh. Found it! The chart below is United States Government Spending (all levels) per capita in constant 2005 dollars. We pay approximately 3 times as much per person as we did 40 years ago.
Yes, yes, I know. I've painted the most dismal and pessimistic picture possible with these three charts. However, the above charts happen to match my observations and daily experiences so perhaps that explains my pessimism.
For better or worse, I think the United States requires forward momentum in terms of wealth generation to exist for the long term in its current form. Another decade or two of stagnation coupled with continued growth of government spending per capita and the continuing onslaught on an increasing regulatory burden will cripple this country.
I'm strongly encouraging my daughters to look for opportunities beyond our borders.