The U.S. economy, while still in the process of a sustained recovery, is considered to be a "sole bright spot" in the world economy according to a new report from the Financial Times and the Brookings Institute.
Combining measurements of real economic activity, financial data, and surveys of business and consumer confidence, the TIGER index employs advanced statistical methodology to illustrate the simultaneous movements of indicators that tend to be measured very differently in various countries. According to the Financial Times, which featured the latest report on its Monday front page under the headline “US defies threat of global recession." [...]
“The global economic recovery is on the ropes, battered by political conflicts within and across countries, lack of decisive policy actions, and governments’ inability to tackle deep-seated problems such as unsustainable public finances that are stifling growth,” said Eswar Prasad, a Brookings senior fellow and creator of the TIGER index. “The US economy remains the sole bright spot, with economic activity, employment and financial markets all showing unexpected although still modest strength.”
According to The National Memo, the Times and Brookings Institute report asserts that a lack of demand is the primary reason global economic recovery remains tepid at best. With that said, the U.S. economy is in better shape than other developed nations.
Republicans, including Mitt Romney, have campaigned hard on the idea that the U.S. economy is turning into another Greece or another Spain, but that simply isn't supported by the facts. It's pure fantasy.
If Mitt Romney were elected president however, it's possible he could convert me into a believer that we will become another Spain after he cuts taxes by 20 percent across the board and cuts vital government programs to compensate for it.