Moving Into An Era Of Limits

The American identity, as formulated in the years after the Second World War, developed in an economy of abundance. Called the “people of plenty,” Americans had more than enough of everything, and they exported their surplus to the world. That pinnacle of production and affluence has started to weaken, as an era of limits has just begun. Already, such a reality has hit personnel, housing, drug supplies, food production, critical mineral mining, insurance policies and electricity generation, and shortages in these areas are harbingers of what lies ahead for American society.

The causes of these new constrictions in supplies involve misplaced priorities and a missing cost-benefit analysis as to the “true cost” of products and services, which has led to mountains of waste. The “total cost” of products, including environmental loss and harm, is not included in consumer prices. We should expect higher costs, often confusing those who see increased prices as inflation rather than a structural change to a new reality.