While it is fashionable to say that the American worker is being displaced by technology, U.S. businesses may be hurt more, and this could lead to the next economic downturn, Dallas Fed President Robert Kaplan said Thursday. Consumer are not over-leveraged, and the labor market is tight, giving a “pretty good underpinning” for the U.S. economy that relies on household spending for growth, Kaplan said. On the other hand, businesses are caught in a maelstrom of trade wars and tech disruption, Kaplan said. If you have enough tech disruption, combined with trade fights that limit the ability of firms to manage costs ... (full story)