A Filipino migrant I know who was a former economist (advises a company to make economic decisions and those stock market related stuff).
He told me that the reason why the value of the US dollar decreased is because the USA does not have a high level of productivity anymore unlike during its old days.
He pointed out that it is because most USA and Canada youth 'feel rich but they're NOT rich'.
Meaning, it is because they are contented to be working at jobs that pay less than $15 per hour and do not work hard at the same time. Because they got parents anyway who make obscene amounts of money to back them up.
That is why they are not motivated to work and they do crazy shit like driving recklessly. Because anyway, they didnt spend a single cent to get that car. Mommy and Daddy backed them up to get that license and car. While it is the working poor and the new immigrants who get penalized by the very very strict drivers licensing that resulted from the stupidity of the youth.
As a result, creating an unproductive workforce which slows down the economy. And since he's an old man, it didnt come with calling today's youth as ‘weak willed’.
And an unproductive workforce will create in the long run, a decreased economic output.
While on the other hand, it is chinese, mideastern, eastern european, etc. migrants who work hard and become productive that is why they become rich in the long run (notice its mostly these people who drive the large SUVs) . Also it is a wrong decision for USA to control its borders against migrants because it is migrants who work hard who will actually help increase economic production.
Another thing he is sort of against is the employment insurance system of Canada because it is prone to abuse and creates parasitic people who refuse to work yet collect the EI. While of course over and above, having rich/middle class parents who can afford to support their lifestyle.
Please note that I do not agree with everything he says.
What are your thoughts on this? Discuss.
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