Globalization is going to kill America—says Alan Greenspan?
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Not in so many words. But his latest prognostication says dark things about America’s view of its supposed world economic triumph.
“I think the real problem is over the long run, we’ve got this significant continued drain coming from entitlements,” Greenspan now claims. But the problem isn’t as simple as it sounds.
“Without any major change in entitlements, entitlements are going to rise,” he goes on. “Why? Because the population is aging. There’s no way to reverse that, and the politics of it are awful.”
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But that’s not all. Greenspan says we’re facing a full on economic “fade out”… not just because of entitlements but because “Europe is not doing well.”
Meaning Europe isn’t going to rescue us from the ill effects of our entitlement costs by juicing the world economy to the benefit of our big global players.
And outside our own country, Europe is our best shot to make good on the promise of globalization to grow the pie and reward US innovation.
The elite is finally catching on that China’s growth—now at a near standstill—is now more an economic problem than a solution. Beijing’s breakneck push to beat the US to next generation artificial intelligence and wireless internet is proof positive of that.
And while globalization lifted huge numbers out of poverty in China and Africa, no part of the global south has developed the kind of economic relations with the US that result in big enough wins for ordinary Americans.
Hard as it is to stomach, the fruits of globalization are these: a demographic boom in the developing world, a demographic plunge in the West, and an economic doldrums around the planet… with the US clinging tenuously to growth fueled almost entirely by tech.
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The global elite’s dream was a delusion. And in the US, every major policy initiative of the past two administrations designed to make the dream real failed.
Privatized social security. Comprehensive immigration reform, complete with guest worker program. Obamacare. Strategic partnership with China. Propping up NATO while our allies grew their own entitlements and let their militaries degrade.
It all failed.
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So globalization didn’t just hurt the US. It helped our adversaries… and drove huge demand among a greatly expanded global lower class for more opportunity and more resources… in the West.
Globalization made the West even more attractive to those outside it—even as it made the West weaker, poorer, and more depressing for the ordinary people already here.
Now that economy is going to fade?
Good riddance, more Americans are ready to say—even if they have to take yet another hit.