At present, 70% of millennials in China are homeowners double the percentage in the US. The rate of general homeownership in Russia is much higher than the US together with a widespread avoidance of long-term debt. In 2003, the "Private Garden Plot Act" gave Russian citizens between one and three hectares of land free, with produce not subject to taxation (while forbidding GMO modes of production). The result has been a surprising (and healthy) contribution to their national economy and when US sanctions triggered increased production, brought about significant exports. Additionally, neither nation has crushing student debt. Could China be gambling that they advance in technology so greatly that they break free of the restraints of all past economies?
Will another US political figure such as FDR emerge to "save capitalism"? It was said long ago that God favors drunkards, fools and the United States of America. Perhaps our luck will hold up.
I hope that the next 50 years doesn't include more of the unperceived stagnation of the past half century with ever more fascinating inventions but lagging progress on the fundamentals of life.
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