California – And by Extension the U.S. – Headed for Permanently Smaller Economy
07/07/2009 § Leave a comment
The choices the US makes from this point forward will likely have more of an effect on how the decline is mitigated. As I wrote in my newsletter, we do not view the post-war decline of Britain as a human tragedy, and there’s no reason to see the US decline as either shocking, or unexpected. However, it is indeed regrettable that we did not face up appropriately to the changes that unfolded, at the start of this millennium.