Are we getting dragged back down?

[Stinger]

The Organization for Economic Cooperation and Development on Tuesday sharply cut its forecast for the world economy, warning that failure to end the euro crisis and avert a fiscal impasse in the United States could cause a global recession.

The organization, based in Paris, predicted that gross domestic product in its 34 member countries, all of which have developed economies, would expand 1.4 percent in 2013, significantly below the forecast of 2.2 percent it made just six months ago.

Even that forecast assumes that United States lawmakers reach a budget agreement to prevent billions of dollars in tax increases and automatic spending cuts from taking effect automatically at the end of the year.

If the United States does not avoid that so-called fiscal cliff, “a large negative shock could bring the U.S. and the global economy into recession,” according to the forecast, written by Pier Carlo Padoan, the organization’s deputy secretary general and chief economist.

Even leaving that possibility aside, the report makes for grim reading, particularly with regard to the 17-nation euro zone, which is mired in recession and is where the “greatest threats to the world economy remain.”

“Temporary fiscal stimulus should be provided by countries with robust fiscal positions (including Germany and China),” it added. “Over the recent past, signs of emergence from the crisis have more than once given way to a renewed slowdown or even a double-dip recession in some countries,” the report said, adding that “the risk of a new major contraction cannot be ruled out.”

The group expects the United States economy to grow 2 percent in 2013 and 2.8 percent in 2014, provided a fiscal deal is reached. In Japan, G.D.P. is expected to expand 0.7 percent in 2013 and 0.8 percent in 2014.

The euro area, it said, probably would remain in recession until early 2013, leading to a contraction in G.D.P. of 0.1 percent next year before growth of 1.3 percent in 2014.

“The world economy is far from being out of the woods,” the group’s secretary general, Ángel Gurría, said in a statement. “Governments must act decisively, using all the tools at their disposal to turn confidence around and boost growth and jobs, in the United States, in Europe and elsewhere.”

LINK

[Supsalemgr]

Reality is setting in.

[rstrong]

Reality is setting in.

Is it for you?

I think he means that forum member Reality is moving in with him.

C'mon. You've seen it coming too.

[Supsalemgr]

Reality is setting in.

Is it for you?

Obama Approval Rises Postelection

Either government will do the things that America voted for and will improve the economy or it won't and Americans will blame the GOP. What's your wish? We know that you wanted America to suffer before the election, but that didn't work out for you.

I thought Obama was the POTUS. This one is on him.

[Stinger]

Reality is setting in.

Is it for you?

I think he means that forum member Reality is moving in with him.

C'mon. You've seen it coming too.

Boy. Colonel Sanders will be miffed.

[Stinger]

Reality is setting in.

Is it for you?

Obama Approval Rises Postelection

Either government will do the things that America voted for and will improve the economy or it won't and Americans will blame the GOP. What's your wish? We know that you wanted America to suffer before the election, but that didn't work out for you.

I thought Obama was the POTUS. This one is on him.

Not if you can read and think. What part of "getting dragged back down [by others]" is too difficult for you to understand.

Just like it was not the rest of the world's fault when the United States -- during the presidency of He Whose Name Must Not Be Mentioned -- dragged the entire global economy into the greatest economic crash in 90 years, it won't be the fault of the U.S. if others drag the U.S. (and the rest of the global economy) back into a recession.

It must be Obama's fault the the U.S. is doing so much better than most of the rest of the industrialized, like the 17 nations of the Eurozone.

Being incapable of reading, you probably also missed the part that says "Governments must act decisively, using all the tools at their disposal to turn confidence around and boost growth and jobs, in the United States, in Europe and elsewhere.”

Hard to do that with the Republican'ts in charge of the House and the Senate Pubs in charge of record use of the filibuster. A plunge back into recession certainly could be their fault if they negate use of "all the tools" at our disposal.

But the willfully-ignorant delusionists on the right will never grasp that one.