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In the United States, the blow to the economy has yet to come

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Commentary. The pandemic has imposed a slowdown of historical proportions, not only because of the lockdowns, but because of the drop in consumption, with a devastating impact on income and employment.

written by Pier Giorgio Ardeni

Topic U.S. Politics

November 21, 2020

Now that the U.S. elections are (almost) over, there are more reasons not to be too confident about the future. Not that of the world—over which the threatening wave of the pandemic is spreading, deadly, obscuring another and far more terrifying tragedy: that of climate change—but that of the United States and, in particular, its economy. Biden has won, and the prospect of an autocracy dominating the planet has become less and less likely, but all the problems are there and could be seen in the vote. Because the richest economy on earth – rich overall, but where only 1% have three quarters of the wealth and all the levers of power—is finding itself stalled in the middle of the highway and not knowing where to go.

America has always been the vanguard of capitalism, the laboratory of progressive solutions, the place of choice for the consecration of models. The golden age of wild capitalism, described by Mark Twain with satirical realism; Roosevelt’s New Deal after the Great Depression – very “American,” even though based on the theories put forward by that British dandy, John Maynard Keynes—and the policies of demand management and the welfare state; Reagan’s deregulation; the neo-liberalism of the Washington Consensus—all of them come from........

© Il Manifesto Global

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