The Soft Landing Is Global, but It’s Cushiest in America
www.nytimes.com
Economies all over the world are lowering inflation while avoiding serious recession — but growth in the United States stands out.

Both states and households have only slowly spent down the savings they amassed during those pandemic years, so the money has continued to trickle through the economy like a slow-release booster shot. On top of that, government spending has remained elevated as the Biden administration has begun to make sweeping infrastructure and climate investments.

  • AutoTL;DR@lemmings.worldBEnglish
    21·
    10 months ago

    This is the best summary I could come up with:

    Forecasters from the Federal Reserve to the International Monetary Fund have been most surprised at the remarkable strength of the U.S. economy, while growth in places like the United Kingdom and Germany remains more lackluster.

    Ms. Forbes noted that America’s deficit as a share of its gross domestic product is larger than that in many other advanced economies, and today’s spending is adding to the American debt pile.

    Lael Brainard, who heads President Biden’s National Economic Council, told reporters last week that the combined outlays had allowed families to “weather this really disruptive period of time and bounce back.”

    The resulting churn as Americans have sorted themselves into new and better jobs could be leading to the stronger productivity growth that the United States is seeing now, said Adam Posen, president of the Peterson Institute for International Economics, a think tank in Washington, D.C.

    European countries have been much more exposed to the aftershocks from Russia’s invasion of Ukraine in 2022, a conflict that has pushed up gas and grocery prices — roiling the business environment and limiting households’ abilities to afford other discretionary products.

    Speaking to the U.S. Chamber of Commerce Tuesday morning, Valdis Dombrovskis, the European commissioner for trade, said that Europe had been working to address its dependence on Russian fossil fuel, but that cutting those ties “came at a cost.”

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