[2006alum]

FWIW, I am about 85% of the way to where Roubini is, too, and I'm far from one of the "but the economy" folks around here. One of my biggest frustrations with the claims about our great economy over the past few years is that no one was pricing in the fact that even with record low unemployment and ten years of nearly uninterrupted growth, our public sector deficits were expanding at all levels (state, local, and federal), and wage growth and productivity were nearly nonexistent. If our economy couldn't keep up in "boom" times, what the hell did we think was going to happen once the debt-fueled ride ended? 

And I think Roubini is absolutely right that one of the major consequences of trade wars and onshoring will be significant cost increases. It's really easy to blame China for everything, but most of the folks I know who did are sure happy to shop at Walmart where it seems like 98% of the non-food merchandise was made in China. Those everyday low prices can't support living wage American jobs...

COVID-19, unfortunately, has just accelerated our timeline about 3-5 years from what I thought it was going to be anyway. I've been saying this for a while now, but whoever the next President is (be it Trump or Biden) is going to be in for a really unpleasant four years.

[2006alum]

FWIW, I am about 85% of the way to where Roubini is, too, and I'm far from one of the "but the economy" folks around here. One of my biggest frustrations with the claims about our great economy over the past few years is that no one was pricing in the fact that even with record low unemployment and ten years of nearly uninterrupted growth, our public sector deficits were expanding at all levels (state, local, and federal), and wage growth and productivity were nearly nonexistent. If our economy couldn't keep up in "boom" times, what the hell did we think was going to happen once the debt-fueled ride ended? 

And I think Roubini is absolutely right that one of the major consequences of trade wars and onshoring will be significant cost increases. It's really easy to blame China for everything, but most of the folks I know who did are sure happy to shop at Walmart where it seems like 98% of the non-food merchandise was made in China. Those everyday low prices can't support living wage American jobs...

COVID-19, unfortunately, has just accelerated our timeline about 3-5 years from what I thought it was going to be anyway. I've been saying this for a while now, but whoever the next President is (be it Trump or Biden) is going to be in for a really unpleasant four years.