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The Prospects for the U.S. Economy and Its Major Issues: A View from the Council of Economic Advisers

The Prospects for the U.S. Economy and Its Major Issues: A View from the Council of Economic... Abstract The U.S. economy is transitioning from a rescue phase to a recovery phase. It is easy to forget the depth of the crisis that required the rescue and easy to be impatient about the recovery. So far, the recovery has the hallmarks of a traditional recovery led by exports, fixed investment, and innovation. Issues of the federal deficit and debt loom over long-term prospects, however. Nonetheless, it should be kept in mind that the deficits are largely a product of the deep and prolonged economic slump and would diminish as a share of GDP as the economy grows stronger. This does not, however, mitigate the need to take serious action on reducing the structural deficit in a way that has bipartisan support and is smart in preserving the conditions for economic growth and fairness. Other concerns, such as oil prices, financial conditions in Europe, and the housing market must continue to be monitored and addressed. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Business Economics Springer Journals

The Prospects for the U.S. Economy and Its Major Issues: A View from the Council of Economic Advisers

Business Economics , Volume 46 (3): 6 – Sep 1, 2011

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Publisher
Springer Journals
Copyright
2011 National Association for Business Economics
ISSN
0007-666X
eISSN
1554-432X
DOI
10.1057/be.2011.11
Publisher site
See Article on Publisher Site

Abstract

Abstract The U.S. economy is transitioning from a rescue phase to a recovery phase. It is easy to forget the depth of the crisis that required the rescue and easy to be impatient about the recovery. So far, the recovery has the hallmarks of a traditional recovery led by exports, fixed investment, and innovation. Issues of the federal deficit and debt loom over long-term prospects, however. Nonetheless, it should be kept in mind that the deficits are largely a product of the deep and prolonged economic slump and would diminish as a share of GDP as the economy grows stronger. This does not, however, mitigate the need to take serious action on reducing the structural deficit in a way that has bipartisan support and is smart in preserving the conditions for economic growth and fairness. Other concerns, such as oil prices, financial conditions in Europe, and the housing market must continue to be monitored and addressed.

Journal

Business EconomicsSpringer Journals

Published: Sep 1, 2011

There are no references for this article.