In the 80's we were still a creditor nation. We're now a debtor nation. The biggest one I think. I think that's the biggest factor- when your economy is based on borrowing money to support your "habits" what happens when you become a credit risk? That's what we're seeing. On top of that, we've outsourced our manufacturing base. Our jobs are in China, Mexico, etc. as we've become a service consumer country. What happens when people can't borrow to consume and the jobs are in the service sector? Will everyone still *need* that cellphone? iPod? Weekly manicures? Dinner out or ordering in? New dishes for every season? Thousand dollar gifts for Christmas?
You would probably LOVE Peter Schiff. Imo, he's spot on regarding what's going on and why. There are TONS of youtubes- he has become a rather popular guy these days.
