The economy isn’t going anywhere. Not anytime soon, according to the IMF. As Anna Yukhananov of Reuters reports:
The International Monetary Fund cut its growth forecast for the United States on Monday and said the economywould not reach full employment until the end of 2017, allowing the Federal Reserve to bide its time before raising interest rates.In its annual health ceck of the U.S. economy, the IMF also urged the United States to boost the minimum wage, which is below most international standards, to fight poverty, which lingers above 15 percent. The IMF forecast economic growth of 2 percent this year, below the 2.8 percent rate it predicted in April, due to a weak first quarter. It kept its 2015 forecast unchanged at 3 percent.
For people who believe the IMF knows what it is talking about and can see clearly into the future, this is obviously bad news. To others, it might look like an elegant alibi. If the IMF has said we will be stuck in a slow-growth rut, then there is no escape from it.
Real journalism.Trusted by millions.
Unlimited access to in-depth reporting, expert analysis, and the stories that shape our country.
Subscribe Now
Already a member? Log in
Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.