The American economy has proven 'stunningly resilient' because: (1) fundamental dynamism remains in place, and (2) the pandemic-era government transfer of balance sheet damage from households and corporations to the sovereign balance sheet left critical sectors with stronger balance sheets compared to the Great Financial Crisis, enabling continued consumption and reducing near-term default risk.
causalpending
Speaker
Michael SpenceEvidence Quote
“the American economy has turned out to be stunningly resilient I I attribute that to a couple of things one one is uh the fundamental kind of dynamism is still there um and secondly you know in the pandemic the government took a huge amount of balance sheet damage in the in the in the corporate sector including small businesses and the household sector and transferred it to The Sovereign balance sheet”
Source
Nobel Prize-Winning Economist Sees Era Of "Permacrisis" Ahead | Michael Spence (w/ Adam Taggart)— Adam Taggart | Thoughtful Money®Created: 8/11/2026, 1:51:12 AM
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