This chart from the Committee for a Responsible Federal Budget shows the U.S. situation could be considered the most dire:
Today’s WSJ op-ed by Jeb Bush and Kevin Warsh is hardly startling in its policy recommendations, as wise as those recommendations happen to be. What I really like about the piece is that its authors gave us the “why” as well as the “how.” And the “why” is not just about making CBO numbers add up:
Stronger economic growth is not just about economics. Growth unleashes human potential. It turns personal aspirations into positive achievements. And it lays the predicate for a better, stronger, more prosperous and opportunity-filled America. Our weak economic recovery has dashed the hopes and dimmed the prospects of too many of our citizens. And it has put America’s place in the world at risk.
We should resist the temptation to wrangle with the green eyeshade folks who question our prospects. Instead, we must take actions that demonstrate our resolve and resiliency. We must restore our faith in growth economics and reform our policies accordingly. This will bring strength to our markets and reaffirm our place in the world.