I do not always agree with Mish Shedlock on all of his economic pronouncements. In my view he is to "religious" in his libertarianism. A viewpoint, I also lean toward, but am more inclined toward accepting its limitations.
But I thought he made a very valuable summary of the economic situation we are in today without resorting to the idea that it most somehow lead to a complete economic collapse and anarchy. And impoverishing deflationary spiral, maybe, anarchy, not necessarily.
I will only note the last line on his final conclusions.
Percentage Growth in Government Jobs vs. Private Jobs vs. Population Growth; Facts and Consequences
Upcoming generations are highly likely to see a drop in standard of living vs. the baby boomers. This has never happened in US history.