Lets factor in costs of goods and see how it impacted others around the globe. the big "problem" is that a lot of low skill labor has to compete with low skill

Lets factor in costs of goods and see how it impacted others around the globe. the big "problem" is that a lot of low skill labor has to compete with low skill labor around the world due to improvements in communication and shipping. This greatly increased the overall quality of life across the world. It's a shock to the system, but as productivity and wages rise across the world all boats will rise. And they are already rising in the reduction of the cost of goods. The it took communities that were impacted by the mechanical loom quite awhile to recover - multiple decades. I'd say the big problems are inflation - destroying the value of the dollar and savings not in equities and rising taxation that also decreases income.