The USA was defined by how superior it was to the rest of the world, how their companies were the best and standard of living the highest. I still remember an episode of the Simpsons laughing at how few dollars you get in exchange of a bunch of foreign coins and bills.
That reality does not exist anymore.
Reaganomics, discussed in the book, and low taxes in the USA created a lack of investment for the past three decades. Meanwhile Europe has become the place in the world with the higher standards of living, and China the fastest-growing economy. Both thanks to investing in infrastructure, education and health care.
How to solve it? It is hard. I am from Spain, a former empire, and there is still people that does not want to accept that Spain relevancy in the world is pretty low (even that it lost its colonies more than 100 years ago). Can the USA catch up with the new reality fast and recover? Or does it needs to sink lower before taking action?
That reality does not exist anymore.
Reaganomics, discussed in the book, and low taxes in the USA created a lack of investment for the past three decades. Meanwhile Europe has become the place in the world with the higher standards of living, and China the fastest-growing economy. Both thanks to investing in infrastructure, education and health care.
How to solve it? It is hard. I am from Spain, a former empire, and there is still people that does not want to accept that Spain relevancy in the world is pretty low (even that it lost its colonies more than 100 years ago). Can the USA catch up with the new reality fast and recover? Or does it needs to sink lower before taking action?