A number of economists (non-WAR Street) have pointed out that China makes financial plans 30, 50, 200 years out, while America can barely manage to plan 2 years ahead at the outside. They plan economy, our country plans profits for the 0.1%.
I’m not cheering for China. They have definite problems. Look at their social indexing. Now people with low social index scores are being denied the right to transportation. Things like that will come back to bite them in the ass. But this is all about economics between the countries.
I’m watching entire chains fold here. That eliminates hundreds of thousands of jobs annually. Consider anchor stores in malls and the collateral bankruptcy of smaller businesses, it likely triples. Automation takes hundreds of thousands more. When self driving vehicles become mainstream, it will take millions of jobs away.
My biggest concern is that Americans are blind to what is happening here.
Do I have answers? Not really. Best I can say is- Not what we’re doing now.