Savings are what is required to invest in a future. Without savings, no investment can occur, and the economic outlook becomes bleak. In the USA back in 1975, private saving was 11.4% of GDP:
In no year during these 20th century data did private saving ever dip below 3% of GDP. A common value was 7% to 8% of GDP. But recently, private saving dipped below 3% of GDP:
To make matters worse, of that 2.9% of GDP in private saving, just the deficit of federal social insurance schemes alone (worth 1.9% of GDP) had already chewed-up two-thirds of the saving, preventing it from being used for investment:
Total net saving has been negative for all of 2023, but that means that zero net dollars are being invested in our future. Because of things like depreciation of existing capital goods, you cannot get away with investing zero dollars in your future — you grow more poor over time when you do that.
The evidence suggests that we do not need a Great Reset, although only something like a Great Reset could lead to a frozen caste system of “haves” and of “have nots” in the USA. The “have nots” would then be told:
You will own nothing, and be happy!
But a much better way forward is to return to the economic freedom of the past. It’d be much better if children today could look forward to a future with more opportunity in it, not some kind of a feudalist, Great Reset, caste system where they are relegated to poverty and strife for their entire lives.
The impending economic feudalism was already evident by the early nineteen-eighties. To proclaim it publicly at that time was to embody the spirit of Cassandra, she whose accurate prognostications were eternally unheeded.
Perhaps that cycle of ubiquitous heedlessness will be broken by those such as yourself, the cartographers of the methods by which we are destroyed.