Is the US headed for boom or bust? -Thoughts by an IWP professor

by Norman A. Bailey  |  October 16, 2013  |  ARTICLES

I do not remember a time when there was such a complete disagreement on the likely economic future of the United States as there is now. Given the importance that the US still has for Israel, who is right is a matter of great significance.

One school of thought says that the crushing burden of debt is so great and the income gap among classes of the population is so wide that an economic apocalypse as bad as or worse than the Great Depression of the 1930's is inevitable.

The other school of thought says that, on the contrary, although the negative factors are not insignificant, new productive technologies such as 3-D manufacturing and advanced robotization, coupled with the revolutionary change in the availability and cost of fossil energy, will ensure an economic boom of historic proportions, signifying nothing less than a third industrial revolution, with all that implies.

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