Sorry, but I'll have to disagree on your point about China. That is no longer the case. And BTW, it is not good for us in the US because the Chinese population purchases goods from us and if the Yuan is devalued vs. the dollar it makes what we export more expensive and we lose money. As much as we hear about "Nationalism" it is a global economy and the US is affected by the economies of other countries.I agree and the only light I see at the end of the tunnel is the election coming up in 2024...if it's not already too late. Our vote is our voice.
On top of what Sean has mentioned, Amazon is making it way too easy for everyone to use credit and shop away at our fingertips. And other online incentives are pulling them in.
And Credit card companies are allowing people to keep getting multiple credit cards that offer no interest for certain periods of time...but these young buyers aren't thinking ahead about maybe they won't have the money to pay off the card and then the cards start adding interest they can't pay and don't realize how fast interest grows.
And they aren't planning for retirement. Living in the moment. Yes, I'm very concerned. Meanwhile, China is making all the money.
I do agree that young people aren't planning for retirement. I see so many stories of young people moving to other countries because they want to escape the "grind" and live life to its fullest, but they have no jobs and are living off their savings. But then again, I didn't start seriously putting money in my 401k until I was in my 40's so maybe they are onto something.
The Chinese economy's decades-long run of tremendous growth has finally found its end, Ruchir Sharma wrote in the Financial Times.
Now, the world's second-largest economy accounts for a smaller share of global GDP.
"In a historic turn, China's rise as an economic superpower is reversing. The biggest global story of the past half century may be over," the Rockefeller International chairman said.
China's share of the global economy is falling by the most since Mao Zedong, and the historic turn could 'reorder the world'