US Economic Health Key to Global Growth in 2013
December 19, 2012
On the economic front, 2012 was a mixed year of cautious growth, surprises and setbacks. It was also a year of politics and global tumult - a time to deal with unresolved issues and ideological positions.
In the United States, the jobless rate has declined to a 4-year low, the housing market has stabilized, and financial markets are flush with cash.
But as 2012 comes to a close, there is unanimous agreement that the recovery has not been as strong as everyone had hoped.
The U.S. is not alone. In the rush to fix broken economies, conservative economist Richard Rahn says governments around the world continue to spend more than they take in. "If countries had only been spending within their means in keeping spending growing no faster than the rate of economic growth, we wouldn't have the global economic mess," he said.
Others argue the math is not that simple.
Case in point, Greece, where tough austerity measures, pre-conditions for a second bailout - have produced a deep recession that economist Desmond Lachman says threatens the currency union. "Because what we're doing is, we're really applying very stringent austerity measures. The IMF concedes that the austerity hasn't been working, yet the Europeans are persisting in the same kind of austerity that got them into trouble in 2012, so something's got to give," Lachman explained.
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