Energy costs are so low, American's wealth is beginning to accelerate away from the rest of the world . . .
The energy share of consumer spending falls to a record low
. . . including Europe, and Japan.
This article discusses one of the reasons Americans are so wealthy, and why they are accelerating away from the rest of the world. Energy is important, and necessary to create the safe, healthy environment we live in today. Europeans, and much of the developed world pay huge amounts for their energy. This is primarily due to rapacious government taxation. The result is a very much lower standard of living in Europe than in America.
I had the dubious pleasure of living, and driving during the massive energy price bubble of the mid 1970s - mid 1980s. Unfortunately for the Europeans, they still live in 1980 with energy prices at catastrophically high levels.
One other point, I am constantly bombarded with articles showing that Americans wages have not risen particularly rapidly over the past many decades. But wages need not rise for living standards to increase where the cost of products and services declines. And in America the price of nearly all products has, and continues to decline, and they declined dramatically over the past many decades.
We are incredibly wealthy, we just are unwilling to admit it.