Due to increasing skills and knowledge worldwide as well as labor costs that are a fraction of costs in the United States, there is some fear that the competition will mean less prosperity for people of my generation and younger. The concern is the younger generation may not be able to live as “well off” as their parents.
Ben Stein tackled this thought in a recent column on Yahoo Finance, focusing on China. Ben is not as concerned.
But the main thing I want to express… is that China is getting rich because its people are getting well educated, because they are working hard, because they are saving, and because they are investing.
This sounds like a good reminder for us in the Unied States as well. Here is the path to wealth:
Young Americans who study hard, learn serious subjects, do not lose themselves in computer games, avoid doomed industries, learn good work habits, save prudently, and invest sensibly will be well off no matter what happens in China or Taiwan or India.
It might take some foresight to know the answers to some of the questions Ben’s summary evokes, for example:
* What are the serious subjects? (Am I in trouble because I studied education and not finance or economics?)
* What industries are doomed? (What if all jobs are eventually outsourced out of the United States except for upper management?)
* How do you invest sensibly? (Is it too late to invest in China? Where will the next booming economy be?)
Updated February 7, 2012 and originally published November 28, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.