By W. Michael Cox and Richard Alm
Investor’s Business Daily, 6/12/2015
Do Americans face a future of living standards that don’t grow as fast as they once did or, worse yet, even decline? Previous generations might have scoffed at the question. Becoming better off in terms of consumption per capita was something of a birthright, the result of decades of progress that put Americans at the top of the heap with average spending of $32,000 a year.
But the long-established optimism has faded in recent years — and we have only ourselves to blame. The country has strayed from the economic model that created a consumer cornucopia. We’re living above our means, one of a mere handful of countries with diminishing prospects
View original post 1,090 more words