Will Our Kids Have Wealth Building Opportunities Like We Had?

As a citizen of the US, I have to wonder if my kids will have the same wealth building opportunities that we had (not that we’re rich by any stretch of the imagination)?

Yes, globalization has taking a toll on employment practices in the US, whether it’s directly or indirectly, but that’s not what I’m going to focus on in this article.

Yes, with technology and automation, jobs are as plentiful, especially since advancements in robotics are not only physical, but also advancing quickly in areas of artificial intelligence.  The progress of smart robots/computers (and I’m not talking terminator movie fantasy type here), is a scary proposition, especially for employment that was once considered the cash cow professions (doctors, lawyers, etc).  Some not to terrible far off day in the future, there will be a medical machine that instantly takes quick diagnostic measure on customers (erh I mean patients), and diagnose the problems and a corresponding solution about the issue that the client might have. What’s even scarier is that I would probably prefer such a device.  It’s a stretch, but it could be reality some day, but again, this isn’t what I’m going to focus on either!

What I’m really worried about is the future environment that the government is creating for my kids!  With higher than normal unemployment, under-employment and those no longer even looking for employment, times might be tough and perhaps even more dangerous or violent than the times that I grew up in.

Are we (or actually our government) destroying the path to wealth accumulation in the future?  My aunt told me about one of her friend’s son that had to give up a job he got because the government benefits was so much better than the job.  The job wasn’t a minimum wage one either, it’s just that the government money was easier and the benefits made “not working” a better deal.  The friend of my aunt thought that to cut off the government benefits cold turkey was dumb and that a lot of people are deterred from getting a job because of such practices of government programs.  She (my aunt’s friend) suggested that the government should slowly reduce the benefits when her son becomes employed instead of taking two steps back if he does get employed.  She’s got a point.

It makes me wonder what it the threshold for being motivated to work at a job?  Is the earnings threshold that would make a job worth it set at $25,000 a year, or perhaps $35,000?  $50,000?  what is the number that makes it worth it once we take into consideration medical, housing, food and other governmental benefits.  While I have no evidence, I personally believe that once you fall into such a government welfare trap, you might not every get out and will always be stuck at that income level for life.  I’ve met generational welfare families, that have an odd sort of pride that they are welfare recipients.  This was a bit baffling for me, but I guess since the “Politically Correct” way is not to look down upon such recipients, then what is the motivation to not be such a person (or family)?

So to me (and I totally hope I’m wrong), it seems like future generations will have it better with respect to technological advances, but at the same time worse if they can’t get a job or fall into some wealth accumulation program that the government has in place.  Perhaps it will be a society where no one excels and we just accept the fact that our society and culture is done and we are going on the downhill decline?

I hope I just ate something bad today and I’m seeing things through a pizza stuffed belly, but tell me what you think?  Please tell me I’m wrong and why!