The US has been the world’s dominant economic and military power for the last century or so. And it shows in the quality of life Americans have enjoyed during this period. During this time, they lived peacefully and very comfortably.
It is a consumer’s paradise.
In any major US city, there are thousands of restaurants, dozens of tattoo parlors, steel fabricators, transport companies, mattress sellers, French bakeries – anything and everything you could ever want is available. Also, Amazon and Walmart will sell you millions of products cheaper (and deliver it quicker to your doorsteps) than anywhere else in the world.
If you have a regular day job in the US, you can enjoy a stress-free, comfortable life.
And if you are an entrepreneur and come up with a great new product or service, the US can still be a great location for you – the courts here are predictable, and corruption is largely in check.
The US is also a great place to be an investor. There are an absurd number of investment opportunities in the United States, and myriad ways to make money.
But generally speaking, the US is becoming an increasingly difficult place to be a producer. There’s not a whole lot you can get into, business-wise, that’s new and original.
The US is also very lawsuit-happy. Frivolous litigation is a huge industry in the US, and can severely constrain productivity.
Then, there is the effect of myriad regulations and the expense of compliance. According to the IRS, it takes 13 hours for an average American to file their taxes. That's 13 hours wasted that could have been put to productive use.
And American politics is becoming increasingly woke and socialist. That spells trouble for future tax rates and freedom in general.
(There are striking differences between various states, with some still offering some relief in this regard. You can still escape the woke madness of California and New York in rural Texas or Florida, for example.)
Another downside that’s being felt by everyone – outside of Walmart and Amazon shelves, life in the US is becoming expensive. Take your pick: prices for health insurance, education, housing and, lately, food, have all gone through the roof. (Granted, many other countries around the world have the same issues.)
Supply chain issues caused by stupid government policies during Covid, combined with inflation, which has beeen largely engineered by Fed’s monetary policies, are to blame here.
The bottomline – we think that the US is still a great place for certain individuals, but it is increasingly becoming a place where if you're born rich, you will die rich; if you were born poor, you will die poor; and if you're born middle class, you'll likely die poorer.
And you should only consider naturalizing in the United States, and becoming an American, if you plan to live in the country. Otherwise, America’s rather unique citizenship-based tax system will mean that you will have to file – and pay applicable taxes – on your worldwide income, even if you don't set foot on American soil for decades.