The Failing American Economy?

This was too flabergasting to pass up. In browsing some discussion forums, I came across this inexplicable statement:

The American dream has always been just that, a dream. Compared to other industrialized nations only very few Americans who are born poor end up rich. About the American economy: I predict it wil be over in about 15 years.It's simply not sustainable and wil collapse when people stop lending money to AmericaAbout 400 billion a year is needed from forreign investors, and they are rapidly becomming more reluctant.But what is most worrying is that American don't seem to worry at all, so they aren't interested in changing their way of lives.This I heared somewhere and found it a very good metaphore for the US economy:"We are racing towards a brick wall, but we are doing so in a luxery car"

Where does one start? Virtually every line in the paragraph is factually wrong. Talk about delusional.

For one, the poorest Americans are better off than Europeans. Not the poorest Europeans, Europeans in general:

The average "poor" American lives in a larger house or apartment than does the average West European (This is the average West European, not poor West Europeans). Poor Americans eat far more meat, are more likely to own cars and dishwashers, and are more likely to have basic modern amenities such as indoor toilets than is the general West European population.

Plus, the supposed lack of income mobility in the US is simply false. Statistically those who start off in the lowest braket do not end their lives their. And overall being "poor" is hardly what would be considered poor in the past. Poor people today are rich by yesterday's standard.

Income mobility in the US is probably the greatest of any nation in history and yet the denial continues.

About that 400 billion in investors: Why, exactly, does he feel that the investors are going to stop? What that really indicates is how good our economy really is. People are investing more and more in our economy, and they are not becoming "reluctant". It is an indication of how far behind everyone else really is.

But, I guess none of this matters. The stagnant, death-sentance welfare state of Europe is king. Or better yet, Socialism!

Right. I'll take my American Dream, thank you very much, and you can have your welfare state.