What is in this article?:
- Challenges ahead for economy
- Agriculture a bright spot
- Stimulus worked
Emerging economies key
The good news is that emerging economies lead the global recovery. “And those economies still look to the United States for products.” That includes agricultural commodities, which will be in demand as developing nations’ incomes improve and citizens seek more protein in diets.
A weak dollar also supports increased agriculture commodity trade.
He believes the United States can expect tighter fiscal policies, but that the fiscal stimulus bills were effective. “They worked in spite of what people hear,” he said. “Without the stimulus, unemployment would have been 3 percent to 4 percent higher. We can’t prove that definitively, however.
“This doesn’t mean we couldn’t have done a better job (managing the stimulus), but it helped.”
He said the current fiscal path the United States is following “is not sustainable” and will result in a $20 trillion debt by 2015. “Both Republicans and Democrats realize that it’s a problem. They have policy differences on the way to fix the problem, but it’s a positive sign that they both recognize it. A split party control may be helpful, but we have to overcome the political gridlock.”