Jeremy Grantham: US must embrace 'second coming of the Marshall Plan'

'It is the commercial bargain of all time'

Co-founder of GMO Jeremy Grantham has called upon the winner of tomorrow's (3 November) US Presidential Election to instigate a "second coming of the Marshall Plan" with a major fiscal programme to address depressed economic growth, rising inequality, negative real interest rates, the economic impact of Covid-19, and the potentially "incalculable" cost of climate change.

In a paper published on Monday (2 November) Grantham urged US leaders to embrace the spirit of the post-World War II recovery programme, with "a long, sustained and massive public works program" to "jolt the US and the global economy into a few decades of accelerated growth". Five active US equity funds offering the most alpha since Trump's election He explained that of all global economic problems, it is "the longer-term malaise" of sluggish economic growth that concerns him most, with "income inequality…eating away at the economy from the inside with the lack of economic progress fo...