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Stock photo of a driver whose car is broken down on a winter road, and who seeks help via cell phone.
Stock photo of a driver whose car is broken down on a winter road, and who seeks help via cell phone.
(Mike Cherim/iStockphoto)

Why America’s economic engine is stalled

One of the most important sentences on the topic of economics in recent memory was written by a futures trader, not an economist. In a February blog post, Cronus Futures Management co-founder Kevin Ferry highlighted the essential problem for U.S. economic policy: “Tax law skewed toward capital over labor fosters excess capacity that makes a credibly high inflation expectation target out of reach.”