Comment venir à bout du déficit de croissance des USA

MILAN – Alors que l'économie américaine n'arrive pas vraiment à redémarrer trois ans après le début de la crise financière mondiale qui a débuté en 2008, une chose est claire : les USA ne peuvent augmenter leur taux de croissance et diminuer le chômage sans intervenir sur les parts de leur production destinées respectivement à la consommation intérieure et à l'exportation. Tout cela nécessite en priorité des changements structuraux, un secteur exportateur plus large et plus compétitif.

Lors des 10 ans et davantage qui ont précédé la crise, l'économie américaine s'est auto-entretenue (de même qu'une grande partie de l'économie mondiale) au moyen d'une consommation excessive. L'épargne des ménages a diminué pour se rapprocher de zéro, tandis que les taux d'intérêt bas ont conduit à un surendettement, à la formation d'une bulle des actifs et à une augmentation illusoire des richesses.

L'Etat aussi s'est endetté en creusant le déficit. L'économie américaine a surtout augmenté de manière disproportionnée en comparaison des revenus qu'elle générait, créant un déficit commercial (ou plus précisément un déficit des comptes courants), et empruntant la différence à l'étranger. L'Etat et les ménages dépensant plus qu'ils ne gagnaient, la situation ne pouvait durer. 

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