Has the American standard of living fallen (for most people) because of Globalization?
No, but because of the financial crisis created by the bubble. American globalization has in fact increased the living standard for years. The trade policy has been performed in the direction to move American firms to use cheap quality labors in foreign countries, including South America, Mexico, Canada, China and India. But the FED is the one to be blamed that it cannot control the bubble even when it has a sharp knife in its hand. Wrong fiscal and monetary policy, wrong ideology and wrong foreign policy have created in fact the bubble. It has been the warning from international community for years. But nothing has been done correctly. Poor America. Now it cannot even save the unemployment at home by the bail-out. I do hope that it will not be a time that America is going to be gone from the rich community on this earth.
