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The energy fueling the presidential campaign – on both sides of the political spectrum – seems to be a deep despair about the American economy.The U.S. economy has created 14 million private-sector jobs since 2010 .The most relevant metric surely is how the United States has emerged from the recession compared to the world's other major economies.The U.S. economy will likely grow much faster than the eurozone's and almost three times as fast as Japan's this year. In the United States, the Federal Reserve has started to raise interest rates because it worries about growth producing inflation, while almost every other major central bank in the world is thinking of cutting rates to try desperately to jump-start the economy.The United States is actually a very competitive economy.In the same issue of Foreign Affairs, Lawrence Summers, the former president of Harvard University and former U.S. treasury secretary, carefully explains why the fundamental problem in the economy is a lack of demand (too much savings, too little spending) and advocates as the single, central solution a major boost in infrastructure spending.
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