No economic expansion lasts forever. That’s a hard-and-fast truth of macroeconomics, one that’s on the minds of certain law firm leaders as the current period of sustained growth in the United States is about to hit its ninth birthday. Learn More “We’re in the longest expansion since 1929, and they haven’t repealed the business cycle,” Ropes & Gray chairman Brad Malt says. “No one knows when the expansion will end, but we know it will end, and we know how it will end: in a recession.” Since the end of World War II, boom periods have lasted, on average, 4.9 years. The American economy has been growing steadily since the Great Recession bottomed out in June 2009. Economists maintain that periods of growth don’t die of old age; rather, they are killed by policy miscues by the Federal Reserve or asset bubbles that have been allowed to inflate. “There’s no clear evidence of a bubble in any part of the economy,” notes Ryan Sweet, director of real-time economics at Moody’s Analytics. “This expansion has room to run for the next few years.” But Malt, who is preparing to hand over the leadership of his 152-year-old firm after almost 15 years… Read full this story
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