I don't think this is a competition issue. After the 2007-2010 credit crisis, US corporates have gone through a considerable effort of delevering, taking on les

I don't think this is a competition issue. After the 2007-2010 credit crisis, US corporates have gone through a considerable effort of delevering, taking on less debt/financing risk. Consequently this has, and will continue, to increase net income. If lack of competition is real, this should be reflected at the EBITDA level, and The Economist has not discussed this at all. As a long-term subscriber of The Economist I'm a bit disappointed in this piece.