After five years of financial crisis followed by economic frustration, many Americans are starting to believe that the country’s best years are behind it and that we’re starting a long, slow decline.
Balderdash, says Barry Ritholtz, the writer of the Big Picture and a fund manager at Fusion IQ.
It’s true that America’s in the middle of a crappy economic decade, Ritholtz says, and the lousy growth will probably continue for the next 5 years. That’s how long it takes countries to work through the aftermath of a debt-binge and financial crisis like the one we just had. And the U.S. isn’t going to find a miracle cure, no matter what the politicians say.
But longer term, America’s still in great shape, Ritholtz says.
Unlike Japan, which has wallowed in economic misery for more than two decades since its own real-estate bubble burst, the U.S. economy is still the most dynamic and innovative in the world.
If you want a vivid demonstration of that, Ritholtz says, just visit Silicon Valley, which is leading the world in tech innovation.
Ritholtz just returned from one of the dozens of tech conferences each year that feature hot tech startups, and he says he was blown away by what he saw.
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