"Consider even the larger case. Why are you able to buy, say, a Swedish car or a Japanese camera, or Chinese-made goods of almost every description? After you have peeled back the layers of trade deals and international treaties, etc., it all boils down to the productivity of your fellow citizens. As that starts to decline, we will all become poorer and poorer."
It's not possible for us to get any poorer. EACH Japanese citizen has already "loaned" us [not necessarily willingly] $72,000, and EACH Saudi Arabian citizen has loaned us $38,000, and now our debt with China is so huge that the Obama administration can't even figure how much we already owe each Chinese man, woman, and child. BEFORE the trillions of dollars associated with obamacare, All of our personal income tax revenue paid JUST the interest on the public debt, not counting the two trillion dollars that home values are upside down.
We are not in decline. We can't possibly get poorer. We have no choice but to DEFAULT on the debt.