|Optimistic Economists Hope For Renewed US Global Leadership|
|Wednesday, April 04, 2012 14:01|
The Bloomberg Comfort Index is at a four year high. Some economists are so optimistic, they're taking this as a sign that the US might regain its status as global leader of growth and prosperity. Rising consumer confidence and increases in personal spending seem to be feeding on each other to get the economy off the ground. China’s economy has been predicted by many to take over global leadership by 2025. Worries about inflation are putting the brakes on China and Europe is on the brink of recession. So the strength in the US economy is standing out against a bleaker backdrop.
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The improvements in car sales, unemployment, and consumer spending are driving forces contributing to overall economic health. China and other emerging economies are faltering after a frenzied rise. Since US personal and corporate debt has been significantly reduced over the past five years, the pickup in consumer spending is helping the US take up the slack from the economic malaise.
Although Fed officials are reticent to declare full confidence in the recovery, other economists are upbeat. In a global market, renewed US leadership could have significant impact.