America is entering a golden age of democratic capitalism

America could be entering the ‘Great Stagflation’, defined by economist Noriel Roubini as ‘an era of high inflation, low growth, high debt and the potential for severe recessions’. Certainly, weak growth numbers, declining rates of labour participation and productivity rates falling at the fastest rate in a half century are not harbingers of happy times.

But the coming downturn could prove a boon overall, if Americans make the choices that restore competition and bring production back to the United States and the West. In the United States, the contours of a new post-pandemic economy are becoming clear, particularly in the Sun Belt and parts of the heartland. That revival could result in an economy that is stronger, more innovative and entrepreneurial.

This is not to say that a recession wouldn’t be hard, particularly for groups like millennials, blue-collar workers and immigrants who have already suffered through the 2008 recession as well as the pandemic.