Will North America recover economically, politically, culturally?
1) I believe that Globalization is the new Great Equalizer
I believe depleting resources is the great equalizer. Energy is a "super" commodity that allows everything else to be done. Walk around and look see "emboidied" energy. Globalization requires cheap, available energy. Depletion and climate change would seem to game changers.
http://www.businessinsider.com/peak-demand-is-coming-but-not-the-good-kind-2010-3
Currently need to be adding the equivalent of 4 Saudi Arabias every decade or so to maintain economic growth as it is today. IEA most recent report in 2009
Our economic models are scaled to run on cheap energy and available energy. Don't have that and you won't have growth and our future is one of economic contraction and personal reduction until we reach a sustainable global level.
2) I foresee continue unabated 3rd world immigration
3rd world immigration is driven by population growth out of control. Much of it generated by the "green revolution" in the 70's with the application of fertilizers, pesticidies and mechanized agriculture. Dependent upon cheap fossil fuels. See "Eating Fossil Fuels"
http://www.amazon.com/Eating-Fossil...=sr_1_1?ie=UTF8&s=books&qid=1269122089&sr=1-1
With soil depletion in the 3rd world, fish stocks disappeared in many parts of the third world can't blame people for scrambling to go where they think they may eat.
Population is the driver for why the world cannot all be the OECD.
http://www.amazon.com/Limits-Growth...=sr_1_1?ie=UTF8&s=books&qid=1269122010&sr=1-1
Might want to revisit Malthus
3) Individual and national debts are out of control.
Quite. Capitalism seems to have evolved to just finacial capitalists out to screw people to maximize their own income. Debt based system is predicated on future growth and profits at the individual, corporate and country level to allow the debt to be paid back. As commodity prices rise, unemployment grows, salaries remain stagnant and the nominal interest rate buggers us, discretionary income for all shrinks. Becomes a catch 22 and grows resulting in destablization. Watch to see which nation state falls apart first. Greece, Mexico, Egypt, a Caribbean nation.....
Talking heads all seem to think China will save us all but when has a centrally run economy proven to be efficient in the past. They too are running up huge debt for projects lining communist party member pockets.
4) Culturally, we're at a crossroads
Been at a crossroads for thousands of years. Small planet
5) Taxes are on the rise as are government official's salaries
Nah. Just to upgrade the electrical grid in North America is estimated to a trillion dollars. Road system in North America needs billions if not more. How many water mains break in major cities in the OECD now that they are 30 yrs old plus. With nation state conflict likely to rise over resources can add in armed force demanding increased share of the pie. Need to increase taxes just to pay for Giambrone's cab fares let alone other politician perks.
Shrinking tax base as companies go under or downsize reduce tax income. Fewer paid employees reduce tax income. CDN Federal gov't will likey reduce employees. US Gov't, US states, US cities have already started that process a while ago. US Postal service for the first time in its history has laid a few thousand people with more to come.
Will North America recover economically, politically, culturally? Personally I suspect we are in the start or middle of a structural change globally on the carrying capacity of the planet. Some whitepapers have suggested we need to reduce the population to 2 billion or. Other cornucupians have suggested we can keep on growing just need better technology.
Most energy used currently is fossil fuel which is a finite amount of concentrated solar energy stored and refined over a million years in a useable product. Only new source of energy developed ever has been nuclear which accounts for 15-20% of global energy after being "found" in the 1940's.
I'm no longer a small "c" conservative. Follow more E. Daly and sustainable economic growth.
The Collapse of Complex Societies by Joseph Tainter
http://www.amazon.com/Collapse-Comp...=sr_1_1?ie=UTF8&s=books&qid=1269123414&sr=1-1
Collapse: How Societies Choose to Fail or Succeed by Jared Diamond
http://www.amazon.com/Collapse-Soci...=sr_1_1?ie=UTF8&s=books&qid=1269123438&sr=1-1
Bottleneck: Humanity's Impending Impasse
http://www.amazon.com/Bottleneck-Hu...=sr_1_2?ie=UTF8&s=books&qid=1269123534&sr=1-2