The US has sunk to the point where we are even poorer than the French (who work less and retire earlier).
Citizens of six other countries are richer than us, too according to Credit Suisse.
Ten years ago, the US was ranked No. 2 in average wealth behind Switzerland. No the US ranks behind Norway, Australia, Singapore, France and Sweden.
Credit Suisse defined wealth as all assets, including real estate, minus debt such as bank loans—a pretty good measure.
This trend will continue for a number of reasons.
- Due to the increase in the US national debt, the value of the dollar is shrinking—and very rapidly.
- The true US unemployment rate, called “U6 unemployment” stands at 17%—unemployed people are not very rich. (The meaningless 9.7% unemployment rate that the US government report counts only those active seeking work, and still collecting unemployment benefits.)
- Many American jobs have been “outsourced,” by big business, meaning they have been sent overseas, primarily to Asia.
- Foreign H1B Visa holders, in the tens of thousands, are allowed to come to the US to take over US jobs—and it does not end there as there are at least 20 similar visas being granted to foreigners to do the same. Not just big business is grabbing these visas, but the US government is doing the same – yes, foreigners taking over US government jobs.
So what will be the outcome? America will continue to sink in wealth in comparison with other countries.
Is there a solution? Yes, raise tariffs to curb imports, cancel the H1B program, and force big business to bring the jobs back home to America.
Of course, thanks to the control of our elected officials by big business, and their lobbyists, this is not going to happen—(sorry, it is illegal for me to advocate a Second American Revolution).