As the OECD cuts U.S. economic forecast again, it calls on the debt rattled U.S. to step up spending
As we’ve learned, shovel ready projects are like unicorns – they sound great, but few have ever seen them. With the US National Debt hovering at $19.3 trillion and Gross Debt to GDP at 105.2% per USDebtClock.org (the scariest page on the Internet), the OECD’s call “government in the US to step up spending is bound to ignite a powder keg as the 2016 presidential election moves into high gear.
The U.S. economy will expand 1.8% this year, down from 2.4% last year, the OECD said. The forecast is down from 2.5% in November and 2% in an interim report in February.
The world economy is forecast to expand 3% in 2016, the same as in the earlier forecasts. Slower growth in the U.S. will be offset by slightly stronger performances in Europe and Japan, the OECD said.
Now it is up to governments in the U.S. and elsewhere to increase spending to jolt the global economy out of a “low-growth trap.”
