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Four Forces for Economic Dominance to Unleash the Second American Century

Joel Kurtzman

February 19, 2014

"I've been watching the American economy for decades, and for the last few years I've put it under a magnifying glass. My conclusions are strongly positive: the United States is about to enter a period of prolonged economic growth, filled with opportunity. It's not the emerging market countries that will power the world into the next economic era. It's the United States. There are four forces that explain my optimism: America's astounding levels of creativity The renewal of manufacturing Vast reserves of energy Massive amounts of investible capital. Add to these four forces two additional facts. American consumers—the world's engine of growth for more than 50 years—have less debt, as a share of income, than at any time in the last 35 years, thanks to the cleansing effects of the recession (see chart below). And, Americans are savings are at record levels. To paraphrase George Costanza's declaration to Jerry Seinfeld, 'America's back, baby!'"

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