Ray Dalio, billionaire and co-chairman of Bridgewater Associates, the world’s largest hedge fund, recently penned an essay warning that America faces an existential threat if capitalism isn’t reformed. Even in the overheated rhetoric of 2019, this is a bold claim from a professional capitalist.
So, what is the state of the American economy?
After a decade of slow growth following the Great Recession, the US economy grew by about 3 percent in 2018, unemployment has declined to 3.8 percent, and wages are starting to rise. As James Pethoukis says, the economy is awesome, or at least “fairly decent.” You would expect things to be dramatically worse if capitalism were an existential threat to America.
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