The weak dollar helps our exports and brings lots of tourists. What I find amusing is that we still pay 30-40% less for a Porsche than a German. Thanks Porsche! If that's 3rd world then I'm there.
By the way, I don't see my standard of living slipping nor anyone else's who is working. I agree that the standard of living for the unemployed in Europe is better! (How is that working for you? US = tourist destination, EU = retirement destination for teenagers.)

I think you confuse standard of living with cost of living and state sponsorship.

Why the great fear of deficit spending in the US (which is being reduced, by the way)?
I think the EU likes to point this out as some big US failure as a way to keep raising taxes on its citizens. They hate that tax cuts raised revenue here! At the same time they raise taxes, watch revenue drop, people with the BIG money to tax leave shore and they are not even challenging why. Instead the EU asks how much more should we tax (to reduce our deficit)?

As soon as the US deficit spending is down (or the hypocrisy is eliminated by recognizing EU deficit spending) the $ will go up. I agree the drop in the $ is not accounted for currently except perhaps for the Chinese not indexing by the $ any more. By the way - as a percent of GDP the EU deficit is much greater (about 2X) than the US. Watch out for a Tax increase!

When I hear of the Grooms energy fears I recall the dependence on Whale Oil we used to have. I'm certain there were folks spreading fear about running out of Whales. I get satisfaction knowing that someday the Middle East will be stuck with a bunch of 'Whales'. I bet the Middle East is planning for what to do when that 'next' energy source comes along.

Later, from the 3rd world US.

Mod- Note the mention of Porsche!