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Is the U.S.A a Third World Country ?
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Na... don't come near a third world country! :-)
But... there is a lot of unreality and living at a level which is sure not sustainable when manufacting and "real wealth generation" is on the decline.
The idea that bread needs to be buttered on both sides can't last. Example, - it is OK to buy cheap produce from other countries and, on a personal level, saves consumers money. But, the overall effect is a massive net trade deficit and substantial funds owing to other countries and, on the flip side, unemployment back home.
In 2002 the US Treasury produced the most extensive report ever on the economy and this, tho published, was hidden :-) The bottom line on that report was that "94% of all homes and assets" were needed to cover all national debt and other trade inbalances. It also advised an immediate tax increase to around 55% - kinda harsh!! :-)
Since 2002, this has obviously got worse.... and therein lies many dangers of the concept of a "third world country". Till there is "real wealth generation" - and this sure ain't happening now - there are dangers.
This scenario does not just apply to the US - it also applies to other countries - especially those with high tax regimes (tho that is relative). The created bubble can burst.