Hedge Fund Manager Howard Marks: US Standard of Living to Plunge

“In addition to balancing the budget and growing the economy, I think we have to accept that the coming decades are likely to see U.S. standards of living decline relative to the rest of the world,” Marks writes in a letter to investors.

“Unless our goods offer a better cost/benefit bargain, there’s no reason why American workers should continue to enjoy the same lifestyle advantage over workers in other countries.”

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