Putting together some of my own thoughts with things I’ve read recently in this sub and others:
After WW2, the United States was in a unique position of being the only major power without a significant negative economic impact from the war. As a result, the post-war boom that fueled the vision of American life was largely subsidized by other countries providing very low cost labor and to some extent captial (particularly natural resources).
This seems to have continued until around the late 90s when the macroeconomic situation began to change. Many countries enveloped in poverty have moved large portions of their populations to middle income. Billions of people worldwide have gone from providing very cheap labor verging on exploitation, to now becoming demand competition for global goods and services.
To what degree is the current economic situation the US (increasing cost of living and decreasing quality of living) part of a larger macroeconomic trend due to globalization?