"It’s clear how deficit-funded social transfers are fueling consumption, which drives corporate revenues and profits. The stock market, which derives its value from profits, loves this system."
Perfect explanation of the modern American economy. It will last as long as government is able to borrow money to fund social transfer.
Very informative, thank you. Would be interesting to see how the same decomposition looks across other major economies.
"It’s clear how deficit-funded social transfers are fueling consumption, which drives corporate revenues and profits. The stock market, which derives its value from profits, loves this system."
Perfect explanation of the modern American economy. It will last as long as government is able to borrow money to fund social transfer.
Solid analysis, as always.
USA then = manufacturing. USA now = service. you're welcome. :(