"“American exceptionalism” isn’t a jingoistic fantasy. For two centuries it’s been based solidly on empirical realities. Output in the new United States in 1776 was perhaps a quarter of that in its mother country, Great Britain. Only a century
later, the U.S. was producing more goods than the British, and by its bicentennial in 1976 the U.S. was the world’s premier superpower.
...
But fast-forward to 2022, and things don’t look the same. American economic superiority has declined markedly. ...
To understand why, let’s consider five relevant factors.
• A sharply declining work ethic. In January 2000, 64.6% of the noninstitutionalized working-age population was employed. By July 2022, that share had fallen to 60%. Had the proportion remained at its 2000 level, the U.S. workforce would have seen 12.1
million new entries—well above the Bureau of Labor Statistics’ estimate of job vacancies today. While the pandemic initially played a role in limiting labor-force participation, the current shortage reflects a different culprit: enormous increases in
government payments, such as outsize food-stamp and Medicaid benefits.
• A declining sense of fiscal responsibility. In the nation’s first 140 years, the federal government ran 101 annual budget surpluses and only 39 deficits. That changed with the Keynesian revolution of the 1930s, which has only intensified this
century. The gross national debt now exceeds yearly gross domestic product—something previously seen only on rare occasions, such as the period immediately following World War II. ...
• A growing disrespect for laws, rules and religious commandments. With some conspicuous exceptions—namely, slavery and segregation—Americans have historically been a rules-abiding people, respecting laws embraced by secular and religious tradition.
...
In recent decades that conception has become far less widespread. Church membership plummeted to 47% in 2020 from 70% in 1999. The reduction in serious crime beginning in the 1980s has reversed with a vengeance. Large-scale riots break out on the
occasion of perceived injustices—such as the use of violence by police—which lead to damaged property, lost lives and enhanced fear and mistrust. “Thou shall not kill” and “thou shall not steal” no longer command the fearful respect they once
did.
• A decline in respect for free markets and a rising collectivism that erodes investment and entrepreneurship. ... Yet today collectivist governmental power and regulation undermine such entrepreneurial initiatives, from fracking to healthcare.
• A rise in ignorance. Despite having immediate access to more information than their parents could have dreamed of, today’s youth increasingly know less about the world around them."
https://www.wsj.com/articles/can-the-us-become-exceptional-again-fiscal-responsibility-education-law-and-order-work-ethic-free-markets-output-deficit-religion-innovation-11660935604?mod=opinion_lead_pos6
All valid points. Unfortunately, Mr. Vedder who is an emeritus professor of economics at Ohio University could only write "It’ll require a project of rediscovery—of finding something that not so long ago the nation abandoned" as America's road to
become exceptional again.
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