When Did Risk Become a Bad Word in the US?
Playing it safe with economic polices threatens America's claim to global leadership.
Treasury Secretary Janet Yellen knows expanding the economy means taking risks.
Photographer: Brendan Smialowski/AFP via Getty Images
If the US ceases to be the world’s economic leader, it can only blame itself.
In the last few weeks international institutions and prominent economists have warned that the global economy, especially the US, is facing the prospect of lower growth — not just a recession, but low growth for a decade or longer. Some of it will be caused by an aging population, but we are also choosing policies that will hobble our economy. You might think this would raise alarm bells and growth would become a priority, but instead it’s been met with a collective shrug — or even a doubling down on low-growth policies.