Last October, David Kelly, Chief Global Strategist at J.P. Morgan Asset Management, published a note that cut through the noise with a single phrase: America is “going broke slowly.”
Markets weren’t panicking yet, Kelly said at the time. The deterioration is real, but gradual enough that investors have been able to look away. This week, Kelly was back with a bit of a progress report, and it’s not a reassuring check-up.
