The whole thing also turns on salaries that are paid for jobs. In the 1950's, a man holding a single job could afford a wife, kids, and a house. Then the number of workers skyrocketed and it was a buyers market and real wages fell - it now takes 2 incomes for married people just to get by, and in certain areas of the country owning a home is not an affordable option.
With the population decline, we're right now seeing roughly a 1:1 ratio of jobs to people, and with our population collapse you will eventually see real wages going up. Eventually couples will get back to where 1 income can support a family, and we'll be back to the situation of the 1950's.
Ebb and flow, the low birth rate problem will eventually sort itself out.
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Well, that's quite an optimistic outlook - that a labor shortage will raise wages to point where quality of life improves.
I'm not so optimistic - why would the outsourcing of jobs and manufacturing stop, why would companies stop lobbing for cheap immigrant labor (H1-B visas) rather than paying better salaries to attract domestic talent and kids taking STEM/CS degrees ?
Our economy is screwed up in so many different ways - not just the direct effects of globalization, but also a crippling national debt seemingly beyond point of now return. We can't even inflate our way out of the debt since the interest on refinanced dept would just make it worse. Or what about lack of housing affordability (would cost me more than double - totally unafordable - if I had to buy my house at today's value with today's interest rates), looming retirement crises, college loan debt, etc, etc.
Sure would be nice to turn the clock back to the 50's when the Amreican Dream was alive and well, but hard to see a soft landing or reversal for the path we are on. I don't think it will end well.
In the meantime, the difference between the UK (where I am originally from) and US today vs in the late 80's when I cam here is startling and depressing. Back then, the US was booming, and software salaries were 3x that in the UK - the US consumer lifestyle was booming! Today, we can see what a mess the US is in where even two salaries will leave you struggling in many parts of the country, yet I have two sisters in the UK who are thriving - one is a single parent mother, a half-retired nurse, who owns her own home and has just got back from a month long vacation in Australia. My other sister and her husband have modest jobs but also own their own home, new BMW, latest Apple products every year for kids xmas presents, holidays abroad every year ...