The United States has emerged from the 2008–09 financial crisis and recession, thanks largely to massive government stimulus. But all that stimulus has left the U.S. in a deep fiscal mess. This briefing addresses the fiscal challenges facing the U.S. today, offers some thoughts on the policy options available, and considers the implications for Canada in terms of macroeconomic policy design and export performance.
Facing Up to the United States’ Economic Challenges
Facing Up to the United States’ Economic Challenges
Global Economic Analysis
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The United States may well be in the midst of a “lost decade”—and there is no pain-free way to deal with the excesses of the past and return the U.S. economy to a path of sustained growth at potential. Massive government spending helped the U.S. emerge from the 2008–09 recession, but it also left the country in a deep fiscal mess—one that is getting deeper by the day. Unpleasant as it sounds, the U.S. may just have to suffer through the adjustment period as governments, businesses, and households struggle to bring their debt levels under control. And Americans may have to live with a lower rate of economic and employment growth than would otherwise have been attained.
Facing Up to the United States’ Economic Challenges addresses these challenges, offers some thoughts on the policy options available, and considers the implications for Canada in terms of macroeconomic policy design and export performance.
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