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American Confidence, or Lack Thereof

A wealth manager I know sends out a quarterly letter to clients that summarizes his view of the economy and his resultant investing plans. Here’s a nice paragraph from his most recent letter:

A key to any short-term outlook is what Americans are thinking. Most have been very wary about the upturn, given the widespread talk about the decline and fall of the United States; almost half of American people think the U.S. has already been surpassed by China in economic progress. (Actually, the average Chinese family has a small fraction of the income of the American one.)