There is a word for this sort of viewpoint: Luddite fallacy (http://en.wikipedia.org/wiki/Luddite_fallacy)

It amazes me how people fail to see their own Luddite-ism. Look, here's the deal: The Luddites protested the mechanization of the textile industry during the industrial revolution. Their reasoning was that if one person maintaining one machine could do the same work as 100 individual laborers, then that would mean 99 people out of work. It turns out, what businesses actually did was keep all 100 workers employed and instead turned out 100 times the product.

The U.S. (and the rest of the developed world) is only in trouble if we cannot continue to grow our economy exponentially (and keep in mind that an exponential increase in efficiency or an exponential decrease in material costs is just as good as an exponential increase in gross product). What really _kills_ me, though, is that the very thing that we need to achieve sustained growth is the very same thing that people are trying to cut out: funding for science and technology research.

Every time I hear some Republican's campaign add talk about: "Can you believe we spend money digging up dinosaur bones in China? Shouldn't we spend that money at home?", I die a little inside. If China overtakes the U.S. as a world power, it will be due, in part, to the rapid increase in Ph.D.s and research funding that they are currently undertaking.

In the history of the world, there has never been a time when the most powerful nation was not also the most technologically advanced.

Right now, in the wake of the most significant financial crisis in decades and with the country staring down enormous structural deficits, the most contentious issue is whether it's fair to let tax cuts expire for people making more than $250k/year.

America isn't remotely close to a serious debate.

The problem with articles like this is that they assume the country is still capable of negotiating changes that would require significant shared sacrifices. The last thirty years, and 2008-2010 in particular, show exactly the opposite. Americans are going to insist on high spending and low taxes until a serious, generational crisis like the Great Depression makes that impossible.

Can anyone seriously look at the political culture today and imagine that a VAT could become law? Or that anyone is going to fall on their sword to cut Medicare and Social Security benefits? If anything is clear about American politics since the emergence of movement conservatism, it's that any attempt to increase taxes or tackle popular social programs is political suicide. Look at Obama's health care bill. I hope you like it, because no one is going to touch healthcare again in our generation.

I expect exactly nothing to be done about America's problems until those problems are so serious and the social dislocation so severe, that one party assumes near-dictatorial control of Congress and the motivation to use it, as happened during the Depression. There was an opportunity for rapprochement after the 2008 election, but that moment has passed. Now it's only a matter of time until the next, far more serious crisis.

If you want to plan for the future, don't assume American politics is somehow going to become more rational on its own. Plan for the crisis. Invest defensively. Don't assume the existence of government programs or the absence of sudden, sharp tax hikes.

There seemed to be a disconnect here. Just because one is a Baby Boomer (i.e., has life experience) that doesn't give one the magic ability to predict the economic future of, really, the entire world. This article takes the tone of a wizened elder bestowing his wealth of knowledge on the younger generation but it's really just another futurist taking potshots on what's to come for the United States.

At this point there are so many people talking of what's 'inevitable' that I'm disinclined to trust anyone who has a prediction range longer than a week.

Being a 22 year old myself, I'm grateful that nothing in here is surprising to me and that my parents made me start a savings account when I was young (like 10 or something). To be honest, I don't think I've met anyone from my generation who expects to see money from social security when they retire.

Interesting thought on the tax loophole closing (when considered a bit more broadly). If we must put up with high taxes, then what's the point if only the people who can afford clever accountants can find a way to shuffle money to loophole their way into lower tax brackets? I used to work for a Hollywood account, and every single actor has their own company for this reason.

Wasn't it Warren Buffet that mentioned he pays less taxes than his secretary? Or is this propaganda that I've been duped into believing?

Son, There is massive opportunity out there waiting for you to seize. Be thankful you were born in America and have the opportunity of free enterprise. Our country has a lot of debt and there will be inflation ahead, and taxes will likely be higher too, but they will be higher for everyone else so don't sweat it - wealth is relative.

Be frugal, marry wise and start a business. Take risks now while you are young. The future is bright.

Most prognostications about social security seem to be predicated on a closed demographic system, and take no account of immigration's impact on the ratio of taxpaying workers to retirees. Now would be a sensible time to come to grips with this question, but of course in a time of high unemployment and electoral angst, it's politically radioactive.

This is the best analysis of the issue that I've come across, and well worth the reading time: http://www.ssab.gov/documents/IMMIG_Issue_Brief_Final_Versio...

"You shouldn't expect (student loans) for your own kids... You might have to be your own kids’ bank when they need $40,000 for college like you did (they’ll need more)"

I believe that's exactly backwards - they should need less total money if that happens. If student loans immediately ceased to be available, couldn't we expect the price of college education to drop in response?

As an 18 year old reading this sort of writing makes me want to leave the country. Except that I'd be taxed for ten years after expatriating, and there isn't any country that I know of as being similarly entrepreneurial. If anyone has suggestions, though, I would love to hear them.

I thought that this applied to those 40 and under.

Founding Fathers of the United States failed to anticipate the Negative effects of globalization and internet.

Very well-written. I wish I shared the pastor's optimism!