Stephen Roach: “Years of Retrenchment for Zombie U.S. Consumer”

“Morgan Stanley’s Stephen Roach sees “years of retrenchment” ahead for the “zombie” U.S. consumer, a trend that he says will force Asia’s giant exporters to look inward for growth.

“Afflicted by historically high unemployment, massive under-employment, and relatively stagnant real wages, while burdened with underwater mortgages, excessive debt, and subpar saving, U.S. consumers are stretched as never before,” Roach writes in an online column for Project Syndicate.

“Yet the U.S. government has tried virtually everything to prevent consumers from adjusting.”

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