This is an over-reaction.
There have been periods throughout American history when economic growth skewed to capital and other times when it skewed to labor. We are in one of those times where economic growth is biased towards the owners of capital.
But the fundamental backbone of the US economy is strong, and will be so for decades to come.
Nothing personal but, NO! That's the same silly naivety that was "shocked" by the financial crisis.
The basic backbone of the American economy is horribly weak and likely to either decay and slowly crumble for decades or merely collapse.
We simply can't address our deficits and debt, we have little in the way of competitive industry left, our wages are still too high and costs of doing business way to high to even attempt to compete in many industries, we still have twin deficits eroding our wealth, our world reserve currency status is weakening, unemployment will hover between 9% and 11% until a large % of the baby boomers leave the workforce, our medical costs are still skyrocketing, we may already be suffering a brain drain, Our investments in R&D are currently low as corps are hoarding cash and cutting overhead.
Our national business model has begun to fail, and complete failure is now inevitable. SS, Medicare, the debt, our debt based fiat currency and monetarist schemes are all unsustainable.
And there is no hope, nothing to promise dramatic improvement even on the distant horizon.
And the global picture looks much, much worse. Nearly half the world's pop still lives on less than $3/day, and we are rapidly approaching an impasse between population explosion and resource depletion curves.
Face it, when you are 5% of the world's people but consume 25% of the earth's resources, and the population bomb detonates there is nowhere to go but down.
