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Originally Posted by woj
Is it not the case that residents of all those countries had standard of living even lower in the past?
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Yes true - if you ask them they all say they have more money than in the old days.
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Perhaps their standard of living is normal, and we are the ones that are ridiculously wealthy?
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Their standard of living is getting better. However, our standard of living unfortunately is not sustainable because its funded by debt (in the western world). Something eventually has to give and a serious adjustment is coming in (sometime in the next decade). Its not going to be pretty but our standard of living inevitably has to fall.
I think Obama's plan to tax the rich is just the beginning of such "adjustments" but they've been going on for some time especially in Europe....