Grantham: America is on its way to zero growth with heavy consequences

Jeremy Grantham's quarterly piece is out now and the important topic is the lack of growth in the US. The way that Grantham paints the picture - and I believe this is an accurate depiction - the US is not just suffering from a cyclical growth slowdown but faces a secular growth slowdown of monumental proportions, especially in view of the promises the US government has made to current and future pensioners. All of this is happening against a backdrop of eroding productivity growth that sets the US up for some difficult challenges ahead. And Grantham also discusses his view on peak resources and why he believes peak resources and environmental change are the biggest issues facing modern economies. 
Here are the bullet points that Grantham used to summarise his view:

The U.S. GDP growth ...


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