06 Feb '12, 2am

Laura Tyson: America's Three Deficits

Laura Tyson: America's Three Deficits

US employment grew solidly in December and the jobless rate dropped to a near three-year low of 8.5 percent, offering the strongest evidence yet of an acceleration in economic activity. -- PHOTO: REUTERS BERKELEY - This year began with a series of reports providing tantalising evidence that economic recovery in the United States is strengthening. The pace of job creation has increased, indicators for manufacturing and services have improved, and consumption spending has been stronger than anticipated. But it is too early to celebrate. Output growth in the US remains anemic, and the economy continues to face three significant deficits: a jobs deficit, an investment deficit, and a long-run fiscal deficit, none of which is likely to be addressed in an election year. Although output is now higher than it was in the fourth quarter of 2007, it remains far below what could be pro...

Full article: http://www.straitstimes.com/Project_Syndicate/Story/STISt...

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