1. It's much easier to destroy than to create. I discovered this playing with my son, who would much rather take apart (throw down) the Duplo Legos right now than build something with them.
2. I'm told we live in an era of "creative destruction" -- a phrase I heard somewhere that applies to capitalism generally and was apparently invented by a Marxist sociologist. I think it's an apt description of the forces at work in our economy.
3. Speaking of Marx, communism has been almost completely discredited in the West. So why do some Asian countries such as China and North Korea still cling to some Marxist ideology? It's probably above my pay grade to explain, but maybe it's an appealing antidote to Western "aggression."
4. China is a fascinating economy. It embraces market capitalism in some ways but also has some elements of central planning and communist-style one-party rule. When the 2008 Olympics were held in Beijing, almost everybody marveled at the Chinese economy. It's still shifting into allowing private ownership, though, I think.
5. So, where do we stand in the US as far as workers' rights go? From here, it looks like unions are in steep decline. Government/public sector unions are still fighting for some benefits, but with Republicans in charge of most statehouses, you can bet there is going to be an attack on workers in government positions. It's already started here in Nevada, with a report on pensions and "retired" government workers who make more than they do while fully employed.
6. Will the American economic model be the engine of world growth this year, as opposed to China? Who knows? The US economy seems to be humming along right now, but China could become the world's biggest economy at some point.
7. Will the economy's strength translate into middle class wage growth? I sure hope so. Here's a Global Wage Calculator from CNN.
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