Chips!
The CHIPS act passed in 2022 allocating $52 Billion dollars for indigenous semi-conductor development in the US. Not a single chip produced yet. Lack of talent, infrastructure, and frankly a relatively lazy workforce is to blame. Taiwan sent its best and brightest but they have difficulty hiring talent, there is no readymade supply infrastructure, and while a Taiwan Semiconductor Manufacturing Corporation (TSMC) employee is motivated to come to the Taiwan factory in the middle of the night on a weekend to fix production issues, no such luck in comfy old Arizona it seems.
Law & Order
Countries that create and execute laws regardless of color, creed, status will always do better than those that don’t. America which was a beacon in this regard for a century is struggling now. Illegal immigration, terrorism, and a lack of meritocracy are all battles worth fighting but you need to fight it by following the law. Both the right (with its high handedness) and the left (with “woke” excuses and total disregard for judicial principles) are in the wrong. Can they please watch and learn from Bill Maher?
Asset prices
In the last decade US stocks are up 225% which by itself is good for shareholders but they are strongly overvalued now based on Buffet Indicator. Gold is up 211% due to a hedge against inflation (heck, Central Banks world over are buying the metal). What does the future portend? Definitely a correction for stocks but gold…?
Upward mobility
In 1999, about 33% of households earned $52,000 (today’s equivalent of $100,000 when inflation adjusted). As of 2023, about 41% of US households earned $100,000 or more. So in a quarter century, we have seen roughly an 8 percentage point increase in upward mobility for these income earners. Almost all income groups have seen upward mobility. Searching online (US Census, Statista…) provides more such nuggets of information.