Why the U.S. will continue to succeed: Let's forget the doom and gloomArticle added by Philip Eide on October 20, 2011
Shaker Heights, OH
Joined: December 12, 2010
Ranked: #63 (961 pts)
The U.S. does have some major challenges. So, what's new? China, India and others are major competitors in world markets but I believe the U.S. will not only meet these challenges, survive, and gain competitive ground over the next decades, but that we will thrive.
My colleagues and I are getting tired of the national media and the insurance and benefits industries focusing on doom and gloom when it comes to the economy and the future of the United States. This is especially true when it comes to the pervasive commentary generated by politicians — Democrats, Republicans and the tea party — who appear focused on getting elected rather than proposing solutions for our current problems.
The U.S. does have some major challenges. So, what's new? China, India and others are major competitors in world markets but I believe the U.S. will not only meet these challenges, survive and gain competitive ground over the next decades, but that we will thrive.
These other countries are a challenge, but not a long-term threat. They are the best opportunity the U.S. has had in years.
Currently, our economy is slow, our governments on the national, regional, state and local levels are expensive and wasteful, and our national debt is outrageous. Good decisions and belt tightening can change these facts.
Electing talented officials will help, and we all may need to make sacrifices. These sacrifices will be minor compared to those made by the U.S. population to successfully emerge victorious from the first and second world wars, as well as the Great Depression.
Current competitors and debt holders like China and India have much greater near- and long-term concerns and challenges. They will be forced to face the challenges we have successfully faced and conquered in the past. The Internet will accelerate the process.
The working populations will demand greater compensation and benefits commensurate with world standards. Child labor will be a major issue; women will demand greater equality; environmental issues will become a costly reality. Government subsidies will become limited, leading to greater taxation.
The cost of goods and services provided for worldwide economies, including the U.S., will increase dramatically, making them far less competitive. The United Nations and other influential groups will begin to crack down on the capacity of these countries to steal and knock-off products and services.
Increased employee income in these countries will create incredible new markets for attractive and innovative U.S. products. All of the above will help make the U.S. more competitive while opening new markets for our products and services. Look at what happened with our relationship with Japan.
How does this apply to the insurance and benefits industries?
Employers, employees and individual markets will rebound and thrive. The marketplace will change and the needs of these parties will continue and/or accelerate. The U.S. government regulations currently being implemented will open new and lucrative markets as employees and individuals demand methods to better protect their well-being, income and savings.
Confusion about new government plans will open new, lucrative markets for fee-based advising. The advising market has been doing well in the investment markets over the years as controls continue to increase.
Expanding world markets like China and India will open new doors for those with expertise and a willingness to utilize the Internet and social media.
Those who focus on doom and gloom will probably leave the marketplace, opening doors for those who provide alternatives for employers, employees and individuals. A rebound in the U.S. markets, combined with expanding worldwide opportunities, a renewed emphasis on saving and the preservation of income, will open new markets for those in the insurance and benefits industries who remain.
The United States remains and will continue to be the best place to live, work, own a business and to preserve earned income in the world.
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