In essence, we've been living beyond our mean for the last 30 years. And, for once, it was not just rich, but mostly poor and middle-class who were doing that. The poor had the government assistance, to a point when "being poor" no longer means "being deprived of necessities", but rather "not having work a work to go to". And the middle class had their credit cards and home equity.
Well, the ride is over. We're about to find out if the country whose major industries are "Services" and "Finance" can support the kind of lifestyle we're accustomed to. Can we really afford to ship all the dirty stuff to China and enjoy our clear air here while they die of pollution? Can we really survive on selling movies, music and software? When we have nothing to buy our toys with, we may need to re-learn to make them.
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