There’s a good chance the economic backdrop facing the next U.S. president will turn markedly less favourable during his or her term
Democratic presidential nominee Vice President Kamala Harris , left, speaks at a campaign rally in Kalamazoo, Mich. on Oct. 26. Former President Donald Trump, the Republican presidential nominee, right, speaks during a campaign rally in Greensboro, N.C. on Oct. 22.Despite being the most dramatic, consequential and probably expensive campaign in living memory, what’s striking about the three months sincereplaced Joe Biden as the Democratic nominee for U.S.
Not that anyone mentions this. Instead, with the U.S. economy on a roll, far outstripping any of its G7 partners in growth, the widespread assumption is that the good times will continue, enabling the next administration to forge ahead with ambitious economic plans. However, this optimism overlooks the big cloud hanging over the American economy.
For all the bold innovations occurring south of the border – advances in artificial intelligence, the expansion of semi-conductor development, the adoption of renewable energy – this looks like a country that is spending tomorrow’s earnings today. But spend it will. The Congressional Budget Office forecasts a continued rise of the national debt.
How long can this kind of party last? To judge from the prevailing view in markets, the answer would seem to be forever. Although bond yields have risen sharply, most analysts dismiss concerns that the so-called bond vigilantes are calling time on American profligacy. They point to the strengthening dollar as proof that the world still wants U.S. assets. After all, with interest rates on U.S.
Output United States World Economy Cent Problem Country Yale University Press Kamala Harris Joe Biden
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