Cómo achicar el déficit de crecimiento de Estados Unidos

MILAN –A medida que la economía estadounidense continúa chisporroteando tres años después de que erupcionó la crisis financiera global, algo va quedando en claro: los Estados Unidos no puede generar mayores tasas de crecimiento del PIB y del empleo sin que exista un cambio en la mezcla de los componentes de la economía domésticos y aquellos orientados a la exportación. Por encima de todo, esto requerirá de un cambio estructural y de mayor competitividad en un sector transable ampliado.

Durante más de una década antes de la crisis que comenzó en 2008, la economía de EE.UU. se alimentó (y alimentó a gran parte de la economía global) con consumo excesivo. El ahorro en el sector hogares disminuyó y se estabilizó en alrededor de cero, mientras que las tasas de interés bajas llevaron a un exceso de apalancamiento, a una burbuja de activos, y a un ilusorio aumento en la riqueza.

El gobierno, también, desahorró al funcionar con déficits. En general, la economía de EE.UU. gastó más de lo que generó en ingresos, teniendo un déficit en la balanza comercial (más precisamente un déficit en cuenta corriente), y se prestó la diferencia del extranjero. Tanto los patrones de gasto de los hogares como los del gobierno en cuanto a los ingresos eran insostenibles.

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