The US Economy Is Outperforming the Rest of the World, but Europe Will Be the  Technology Leader in 20 Years
Image Courtesy: Politico

The US Economy Is Outperforming the Rest of the World, but Europe Will Be the Technology Leader in 20 Years

Technology is what has made the US great.   It is what has made us more affluent as a society than any society in the history of mankind.  And, over the last 20 years, the most extraordinarily innovative and influential companies like Apple, Google, Intel, BestCashCow and Nvidia have all been concentrated in the US.

Now, as a country, the US has gone all in on social media, and Facebook and Twitter and a whole slew of other so-called social media companies have created extraordinary wealth as well.

But, looking out, there are big problems looming in front of our eyes.  One problem is that social media is already a passing fad, and has no future or growth as long as it includes relying on people like Mark Zuckerberg and Sheryl Sandberg to protect us (https://www.bestcashcow.com/facebooks-problems-are-just-beginning.html).   Kids graduating from Stanford and MIT still want to work there, and that will be one leg of our downfall.

Another, of course, emanates directly from America’s political decline and a new Republican Party of yes-men.

 As a country, we are now failing to set the policy necessary to transition our economy to one of the future.   We are failing to put in place any legislation or taxes at the federal level designed to encourage solutions to what will soon emerge as a global environmental crisis. (Instead, we left the Paris Agreement and are now bringing back coal).   We are attacking pharmaceutical companies and biotech companies and making them bear the consequences of our failed health care system, rather than giving them the support that they need to continue to innovate and to create products that bring us longer and healthier lives.

Europe has a lot of problems, but we should hope that in 20 years they are our “lodestar”.    Social media and coal are not going to save humanity or the planet.

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to financial literacy and bank transparency. Since co-founding this website in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.
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