In poorer locations dreams are sold. If you are in Eastern UP or Bihar, it is the ‘Mumbai dream’. In David Copperfield it was ‘London streets are paved with gold’ …well all over the world it is the ‘American Dream’.

It is no longer a dream. It is a nightmare. The average American is surely worse off compared to his parent. Perhaps for the first time in the history of America are the children more educated, have multiple incomes – but cannot make both ends meet.

The issue is the average American enjoys a standard of living far far higher than what an average person in say India or China can hope to aspire. However it is no longer a good place to be poor. Being poor in a rich country meant governments had enough money to look after you. However Obama who keeps running from podium to podium saying ‘change’…but here is the stark truth.

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  1. history turns a full circle? for a long period,it was india and china which dominated world gdp . in fact even until 1900 when america was an emerging market,the indian gdp constituted 25% of world gdp.maybe the western bubble is unravelling. it is reverting to the mean when the east dominated.
    not that the east is in a good place.we have abandoned a lot of good things about what worked for us in the past while greedily embracing the worst(economic) policies that have arisen from the west (govt control of the economy)

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