OECD Economic Surveys : United States 2024 / OECD.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, author, issuing body.

Language:

English

Subjects (All):

United States--Economic conditions.

United States.

United States--Economic policy.

Physical Description:

1 online resource

Other Title:

OECD Economic Surveys

Place of Publication:

Paris : OECD Publishing, 2024.

Summary:

The United States economy has continued to expand at a solid pace and price pressures have eased somewhat. However, a sustained fiscal deficit has contributed to raising public debt as a share of GDP to its highest level since World War II, with a further substantial increase in prospect over coming decades as the population ages. To put the public finances on a more sustainable path, a multi-year fiscal adjustment should be enacted that achieves savings on pensions and healthcare and raises taxation, including on capital incomes. A more medium-term oriented and less complicated federal budgeting process would support this. At the same time, economic growth would benefit from productivity enhancing reforms that promote competition, including through maintaining international trade openness and reinforcing relevant skills in the workforce. Efforts to reduce greenhouse gas emissions have accelerated, but further policy measures will be needed to achieve emission reduction targets. Policy options include a package of broad-based carbon pricing, taxes and sectoral policies. As the climate transition further progresses, additional measures will be needed to support displaced workers from fossil fuel industries and for climate adaptation.

Contents:

Foreword

Executive summary

1 Key policy insights

1.1. Introduction

1.2. The economy continues to expand at a solid pace

1.3. Monetary policy should continue to manage the return of inflation to target

1.4. Fiscal consolidation is needed to help quell inflationary pressures

1.5. Financial risks associated with higher interest rates remain

1.6. Medium-term economic growth could be boosted

1.7. Progress to achieve the climate transition has accelerated

1.8. Policy recommendations from the Key Policy Insights

References

Climate mitigation policies of US governments

2 Managing fiscal pressures in the United States

2.1. Fiscal pressures in the United States reflect past emergency spending and a mismatch between spending and revenue

2.2. Fiscal pressures need to be addressed to maintain living standards and reduce risks

2.3. Narrowing the budget deficit and putting the public finances on a more prudent path

2.4. Putting debt on a more prudent path will involve more revenue and less spending

2.5. Policy recommendations for managing long-term fiscal pressures

FIGURES

TABLES

BOXES.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-72796-5