Fiscal Challenges and Fiscal Follies
With economic headwinds dissipating, the US economy's prospects for faster GDP growth appear promising. But there is also a significant risk that a large and unnecessary dose of fiscal austerity will weaken demand, undermine confidence, and tip the economy back into recession.
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BERKELEY – Where is America’s economy headed in 2013? Will the recovery continue at its frustratingly slow pace? Or will it accelerate as the housing sector rebounds, bank lending expands, household balance sheets improve, and state and local government budgets strengthen?