Been hearing "unsustainable" for a long time. I believed it wholeheartedly for a while. Sure, we will have recessions again, perhaps we're in one presently, but do you think the USA is going to somehow collapse? It will likely see a gradual decline in living standards, I agree, but you are overlooking how bad the 70s were economically, when the Baby Boomers were in their 20s and 30s.
That's the thing though, we shouldn't be seeing a decline in living standards. Technology, productivity, efficiency are all up dramatically. We just have an oligarchic ruling class sucking up all the difference.
The average person in this country already can't afford on two incomes what the last generation could afford on one.
How sustainable is this?