What we have meant by this is the economic environment today is vastly different than that which most of our parents grew up in. We recently discussed in "Debt: Driving Our Economy Since 1980"that: "From the 1950’s through the late 1970’s...the U.S. was the manufacturing and production powerhouse of the entire global economy post the wide spread devastation of Europe, Germany and Japan during WWII. The rebuilding of Europe and Japan, combined with the years of pent up demand for goods domestically, led to a strongly growing economy and increased personal savings. However, beginning in 1980 the world changed. The development of communications shrank the global marketplace while the rise of technology allowed the U.S. to embark upon a massive shift to export manufacturing to the lowest cost provider in order to import cheaper goods."
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