Caixin OnlineOpinionMagazine Columnist谢国忠 Andy Xie American Privilege Rots an Empire from Within
12.09.2011 17:37

American Privilege Rots an Empire from Within

Well-paid corporate managers, lawyers and doctors are contributing to the demise of an entire economy
By Andy Xie
 

A rising empire rewards people who contribute to its growth and invest in its future. The empire's decline begins when certain members of society are over-rewarded by means of privileges, and the empire's money is wasted on outdated endeavors.

Today, America rewards the wrong people and spends disproportionately on projects of the past. Symptoms of the flawed incentive system in the U.S. economy include a massive fiscal budget deficit, high unemployment rate, crumbling infrastructure and a failing basic education system.

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