In market economies, living standards rise as a result of capital accumulation, which allows labor to be more productive, which in turn results in greater output per worker, allowing for increased consumption and leisure.
However, capital investment can be increased only if adequate savings are available to finance it. Savings, of course, can come into existence only as a result of underconsumption and self-sacrifice.
The fatal flaw in the modern economy is that any attempt to save and under consume, which woud surely bring bout a badly needed recession, is resisted by government policy, the sole purpose of which is to postpone the inevitable day of reckoning. In their selfish attempt to secure reelection, American politicians have persuaded their constituents that they should indulge their every whim and that self-scrifice or underconsumption are somehow un-American.
As a result, those same American politicians, with the help of the Federal Reserve, will succeed in doing what no foreign power ever could have: They will bring the U.S. economy to its knees.
Peter Schiff, Crash Proof 2.o