From the introduction:
Despite what both presidential candidates are promising, the US economy will suffer another three to four years of low growth and high unemployment. In addition, the structure of the economy has changed in ways that will further embed and perhaps increase income inequality. This has the dangerous potential to trap children in the social class of their parents.
Next I will turn to the political difficulties of reversing these trends – both structural deadlock in the US constitutional system and changes in the way political campaigns are run.
My conclusion is that Americans won’t be very good at accepting a low-growth future.
The next president will be leading a country that is – at best – disappointed and demoralized and – at worst – angry and looking for scapegoats, from Washington to Wall Street to Beijing.
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