"In the past, workers in the developed world could have confidence that their own economic conditions would always improve, that they could expect a secure retirement and that their children would have a better life than they did. But that confident view of the future is now in question.
Will the world's superpowers ever return to their former glory? Before developed nations can get back on a path to strong growth, they face a variety of obstacles."
This is a tough time for many of the industrialized countries around the globe. With the recent recession, these countries are spending cutting back on spending. When a country cuts back on spending it only slows economic growth so this has created an even slower recovery. The three factors involved in a tough return to prosperity that this article makes a note of are debt, agining population, and competition from abroad. I think debt is very important but I think that stimulating the economy, at least in the U.S., should be a priority and then we will be more capable of focusing on decreasing our national debt. So, in my opinion the primary focus should be on the competition from the emerging economies abroad, which have created a tremendous amount of competition for developed countries.
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