The fact is, despite the fact that his standard of living has been slipping over the past 50 years, the average American today lives much better and longer than a king during pre-industrial times.
There were never any guarantees that Americans would live in the lap of luxury for their entire lives.
It's become customary for Americans to think that it's okay for some people to live their entire lives without producing at all and to live at the expense of others.
Many more are buried in consumer debt, which means they're either living off the capital others have saved in the past, or they're mortgaging their own futures.
The "New American Dream" looks more like the WEF's "You'll own nothing and be happy."
No wonder a criminal like Klaus Schwab can promote his "You'll own nothing and be happy" meme and not be hung from a lamp pole-a lot of people now feel they'd be better off in that kind of world.
Going back to the question of moral fiber breakdown, the economic observer Thorstein Veblen coined the phrase "Conspicuous consumption." People wanted to show off expensive cars and clothes to advertise to other people that they were more successful.
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