I remember when I was the younger generation, a teenager. And later in my twenties, and then thirties, and fourties, and fifties, and now here again in my sixties. One common theme I have always heard from the (ahem) Talking Heads:

America is in decline. "Its downhill all the way from here."

In the '70s and early '80s, the USSR would pass us up and we will be a second rate power. In the late '80s and early '90s, Japan would pass us up and we will be a second rate power. In the late '90s and into the '00s, the European Union will become the largest economy in the world and we will be a second rate power. In the '10s China will pass us up in a decade and we will be a second rate power.

We have left them all in the rearview mirror every time. China is currently experiencing something akin to Japan's epic decades long slowdown that began in the 90s and persists today. The American economy has a resilience based on so many economic assets and such amazing flexibility other nations cannot match. Capitalism is what they call creative destruction. The old and inefficient is replaced by the new powerful economic phoenix always rising from the ashes.

As for the youth of today, seriously, they don't have a clue. They have been raised to believe they deserve everything for free: Free music, free movies, free games, free everything to download. No concept of the need to pay for these these thing in order for them to exist. Sure things cost more but we make more and things will cycle back.

I remember someone telling me about 15 years ago how the US economy was doomed in the long run because Social Security and Medicare obligations would reach $50T by 2050. He showed me all the numbers leading to this calculation at the time. I pointed out there were two obvious things missing in the analysis. He couldn't guess what they were. Simple: Economic growth and inflation. $50T BACK THEN would be an unsustainable burden, but by 2050 it would a managable number.

I say thee nay to the doom sayers.

♫ Let them brush your rock and roll hair, let the good times roll ♫