I think even with a massive re-evaluation of the dollar, that living standards could still increase for a lot of Americans. A large part of the domestic economy is based around the financialization of critical needs, like healthcare and housing, with prices grossly inflated.
Even if things generally get more expensive, so much would be improved for so many people with just guaranteed housing and the ability to go to a doctor. I don’t think the impact of that can be overstated.
Yeah. I don’t disagree that the transition would be rough, that there would be a reactionary tide against it. I just also think that there’s a very real underclass in a precarious position, regardless of the larger income compared to worldwide averages, simply because the base costs of living are also inflated.