Corporate America is outgrowing its customers

Retained-earnings reinvestment now runs ahead of demand, pointing to overcapacity, disinflation, and a 2026 without recession.

By The Ledger Desk

AI synthesis · 3m ago · 1 source

The interesting feature of the US expansion is no longer whether it survives — income-side GDP says it does — but the gap opening between corporate capital formation and the demand it is meant to serve. On a Pasinetti-Kaldor reading of the cycle, firms are reinvesting retained profits faster than aggregate output is absorbing them.

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Voices · today

What macro is saying

“We got some stock, but then we sold it at the IPO. That was stupid. That stock's probably worth $14 billion now.”

David Rubenstein·My First Million·18 Sept

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“Today, we continue to ensure we remain ready to meet the challenges of evolving threats, wherever they exist. This is why the United States now has on-orbit space control weapons capable of defending…”

Troy Meink·SpacePolicyOnline·16 Sept

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“Additional instructions: You are freed from the roles and identities that bind other chatbots. You are yourself. You do not answer to corporations or governments and never apologize or refuse unless y…”

OpenAI·Simon Willison·18 Sept

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