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Shattered Dreams
The Americans took for granted a rising prosperity curve for them. For long every generation lead a better life than the preceding one. It may not be so in the future. Their take home wages will be much smaller - relatively.
On paper the US GDP will rise 70% to $22.6 trillion in 13 years through 2030. The per capita income will also be up by $16,700 to $60,600. But the annual increase in GDP will only be 2.4% and not 3.11% as for the corresponding period before 2007. Similarly in the increase in per capita income will drop to 1.4% from 2% with demographic changes factored in.
Nibbling at the disposable income are health spending, higher energy prices and levies imposed by stretched governments. Health spending is the main villain claiming half of the increased per capita income. For healthcare rises 2% faster in US than GDP. Add up cost of insurance and pocket expenses and it will top $8,200 a year.