Over the last year or so, Americans have been on a spending binge. The stock market has reached record levels. (Although, as I am writing, it is falling precipitously, having lost 1300 points in three days.) And the US Congress, at the insistence of President Trump, passed a massive tax cut. America?s GDP is stable, unemployment is low and wages are slowly increasing. But all of this is a façade. One of the significant risks, with all this spending, the tax cuts and rising wages, is inflation, which is one of the reasons the stock market is falling. What I hope to address in this Perspective are the underlying systemic challenges facing America. They are serious and potentially very destabilizing. Let?s review some of these systemic issues: