Ponzi Scheme that Works

When I was in Brussels in November, I met a Moroccan shopkeeper who assured me that the most important meaning of the "great recession" was that America would no longer lead the world.   As you might expect, he was happy about that downfall...."the bigger they come, the harder they fall."

Jan 1 issue of the The Economist contains an article that takes issue with this prediction.   While acknowledging the US's political, economic, and social challenges, this article points to the desirability of America as a place to live as the secret to its future success.   The article states that people the world over still aspire to live in the US, and that smart, creative, hard working people make the choice to come here and continue to provide dynamism to the nation.   The article cites economic well being (wealth), tolerance, diversity, religiosity (vs secularism), and the ability to find and live with people from their own nations and cultures as strong attractions to talented immigrants.   Also, immigrants in the US  live in a different legal status than those in countries in the Europe.   To stay in the US legally, immigrants have to work.

Of course the article views Republican anti-immigrant posturing and policies as counter productive to US maintaining great power status.  The article quotes predictions that the US alone among great powers will increase its proportion of the world's population, and thus remain the pre-eminent nation for longer than many people expect.Michael Lind of New America Foundation is quoted, "Relying on the import of money, workers, and brains, America is a Ponzi scheme that works."