I don't want to seem one-sided in my pessimistic view of the US and European economies,so here is a more positive view

http://seekingalpha.com/article/248003-the-end-of-america-not-quite

I must admit I am not convinced,as I was under the impression that real wages in the US have been flat for a long time...if anyone can shed light on this feel free to comment

The other point of course is that with increasing structural unemployment a lot of people have no wages ! Looking ahead there is also the gargantuan problem of massive underfunded pension liabilities...