PhillyD

America's Real Wealth

The traits that the author points out as being uniquely American were really hold over traits from - believe it or not - a strong Calvin Protestant work ethick. This work ethic created the Industrial Revolution and it was those people who migrated to America in droves. (This is a basic and non-detailed summary but true nonetheless)

Now our country has taken in many other cultures and peoples that have not been impacted or directly descended from that uniquely European background. If those people harbor the same work skills, and are willing to assume the same risks and accountability ... then the author's optimism may be warranted. But, if our new American generation has lost, forgotten, or denied its roots (which seems to be the case) then we no longer have the character traits that he is referring to.

We must admit that in the past 20 years the only reason we came out of any bad economic time is due to credit. Before that we came out of hard times by working and saving. The problem is we have no ability to pay more credit and no more assets to borrow on. Do we have the desire to work, sacrifice short term material gain, and save? Time will tell but the early returns are not good.