> Doug Henwood wrote:
>
>> [The bourgie consensus is now that the U.S. economy is bottoming, or
>> has already bottomed, and is about to turn up, perhaps strongly. The
>> leftie consensus is that it's only begun worsening. Hmmm.]
>
> So far no one has successfully refuted Wynne Godley's argument that the
> financial imbalance in the US private sector will prevent any real recovery.
>
> The private sector is running a deficit of almost 6%. The historical average
> since 1960 is a surplus of almost 3%. That's an enormous departure from
> historical norms. Every other country that's gone this route in recent
> times - Japan, Sweden, Finland, England - have all eventually experienced a
> sharp reversion to the mean - and then overshot.
What is the deficit? Revenue, profit, balance sheet, something else?
Chris