Macro malversations

NEW HAVEN – On soigne l'économie américaine avec le mauvais médicament. Après avoir fait un mauvais diagnostic de la maladie, les décideurs ont prescrit un médicament expérimental non testé aux effets secondaires potentiellement graves.

Le patient est le consommateur américain : de loin le premier au monde, mais à présent en proie à la pire déprime depuis la Grande Dépression. De récents résultats sur les dépenses des consommateurs des Etats-Unis sont épouvantables. Les dépenses américaines sur les dépenses de consommation indexées sur l'inflation de la croissance viennent d'être révisées à la baisse à 1,5% au deuxième trimestre de 2012, et semblent être en bonne voie pour connaître une augmentation anémique similaire au troisième trimestre.

Pire encore, ces chiffres ne sont que les plus récents d'une tendance qui dure maintenant depuis quatre ans et demi. Du premier trimestre 2008 au deuxième trimestre 2012, la croissance annuelle des dépenses de consommation réelle n'a été en moyenne que de 0,7% : d'autant plus extraordinaire par rapport à la tendance d'avant la crise de 3,6% dans la décennie se terminant en 2007.

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