Can't have a whole lot of goods output unless somebody somewhere is doing some shopping. Somebody needs to buy the goods that are being put out.

For the last 2 decades Americans have done the goods producers of the world a massive favor by serving as the profligate consumers of last resort. It's a difficult and thankless job, but somebody had to do it. Have to wonder who will pick up the torch when Americans finally wear out... the youth of emerging Asia have potential, they know how to spend!

Not saying that production of goods is insignificant, but services work too, as long as somebody's willing to pay for 'em (that is to say, as long as there's demand). There's a place for both in any economy. Of course that's coming from an American who's living in Asia and selling services mainly to the Middle East... the beauty of a globalized globe!

For me the single greatest economic problem the US faces in the long term is a perverse education system that insists on churning out people - including many university graduates, some with advanced degrees - with no employable skills. Then we wonder why we have college graduates driving taxis, and college graduates who can't get middle class jobs. We have more graduates in sociology and political science, literature and philosophy, than any economy can possibly use, but even with unemployment at 10% you can't find machinists or precision welders. The average age of an American heavy equipment operator is 53... for years it's been almost impossible to get young people to train for these jobs, even though they pay well. We'd rather send them to a mediocre college to get a degree in the history of labor that qualifies them for nothing but professional discontent. Technical training is one area where the Germans are way ahead of the US, from what I hear at least... but I rant. To make a long story short, any economy with more astrologers than astronomers has a real problem, and the US is definitely in that class.

Possibly I've been around this stuff for too many years, but I've rather lost the ability to panic, or at least the tendency to panic. Yes, there are crises looming; there always are. Yes, there have been stupid policy decisions all over the world and all kinds of economies all over the place face major issues... I've never seen it any other way, anywhere. Always there is someone in the corner shaking a large rattle and howling of imminent doom... usually a lot of people, all prophesying doom from different directions. I have a feeling we'll get by, though not without the usual mess.