In the three years I was away from the U.S. my country lost stature in the eyes of the rest of the world in almost every way you care to name. And nobody--not our President, not our elected representatives, not the majority of our citizens--seems to acknowledge this, or even care. The country that owns most our debt, the People's Republic of China, is excoriated for not reducing the value of the yuan by a country whose own currency would be valueless were the Chinese not holding our paper.
I'm in a US city that has been less hard hit by what nobody will call a depression than most of its counterparts. In true Pacific Northwest fashion, income isn't a topic of discussion and results from the 2010 census aren't yet available online.However, some things are obvious to a newly returned former expat.
There are a lot of very poor people on Seattle's streets. There are a lot of people who are just getting by, at least in my Chinatown neighborhood. Although I myself make about as much as I did when I left to live in Thailand at the end of 2008, it's no longer enough in 2011 Seattle. And I'm not at what my country considers poverty level ($11, 344 per year for a single person). However, by the time I pay my rent, phone, internet and electrical bills, there's very little left over to cover more than food. My big monthly splurge has become a copy of Vanity Fair and I use the library almost daily, with deep gratitude.
Every week I pick up Seattle's two free weekly papers and look at what's available for fun in this metropolis. Movie theaters abound here, but at 10-11 dollars a ticket. I haven't gone to one yet. Music at a club? 10-18 dollars to get in. A reading at Town Hall costs 13 dollars, the cheapest theater tickets are 12 dollars. It didn't take long for me to understand that to have a social life, I would need a credit card--and we're not even beginning to discuss buying clothes, shoes, an occasional 9 dollar sandwich at a downmarket delicatessen, or a cocktail from one of the newly-fashionable artisan bartenders.
I would make a bet that many of the people who do have a social life in Seattle are heavily in debt--and that's nothing new. I certainly was in the '90s when I tried to juggle rent and food and going out on a bookseller's salary. But we're in an economic downturn now, right? Shouldn't prices reflect that somehow? I foolishly thought so, before I returned to the US.
What is wrong with the picture I see here? People are walking away from houses they can no longer afford, 8.7% of the population in the Seattle-Tacoma area is unemployed, 12% of the population of Washington state is said to be using food stamps: http://seattletimes.nwsource.com/html/pacificnw/2011906512_pacificpfoodhunt30.html?cmpid=2628 and a friend who is lucky enough to qualify for low-income dental work has to put his share of the bill on a credit card to afford emergency tooth repair.
It's been estimated that to buy a 1980 US dollar would take $2.75 cents in today's currency. To those who fume about China's currency, I'd say they have a severe problem of their own at home. Why isn't it being addressed in a meaningful way? Why hasn't the IMF stepped in? They certainly are quick with solutions for other countries, many of which are painful and stringent.
I'd say off hand that we can't afford the wars we're fighting, that our defense budget is killing us, and that equal taxation for all income levels needs to happen now. But I'm no expert--just a returned US citizen who becomes more and more confused every day.