Enough Gloom & Doom: David Brooks sees sunshine

...The demographic growth is driven partly by fertility. The American fertility rate is 50 percent higher than Russia, Germany or Japan, and much higher than China. Americans born between 1968 and 1979 are more family-oriented than the boomers before them, and are having larger families.

In addition, the U.S. remains a magnet for immigrants. Global attitudes about immigration are diverging, and the U.S. is among the best at assimilating them (while China is exceptionally poor). As a result, half the world’s skilled immigrants come to the U.S. As Kotkin notes, between 1990 and 2005, immigrants started a quarter of the new venture-backed public companies.

The United States already measures at the top or close to the top of nearly every global measure of economic competitiveness. A comprehensive 2008 Rand Corporation study found that the U.S. leads the world in scientific and technological development. The U.S. now accounts for a third of the world’s research-and-development spending. Partly as a result, the average American worker is nearly 10 times more productive than the average Chinese worker, a gap that will close but not go away in our lifetimes.

This produces a lot of dynamism. As Stephen J. Rose points out in his book “Rebound: Why America Will Emerge Stronger From the Financial Crisis,” the number of Americans earning between $35,000 and $70,000 declined by 12 percent between 1980 and 2008. But that’s largely because the number earning over $105,000 increased by 14 percent. Over the past 10 years, 60 percent of American adults made more than $100,000 in at least one or two of those years, and 40 percent had incomes that high for at least three.

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