Mussa was fairly effusive (he spoke of 4% GDP growth in the US the last half of this year, plus 4.2% growth next year). Better yet was John Lardy, who stated flatly, “China is leading the global economic recovery.”
He said that the growth is, of course, in part a result of the government’s infrastructure spending, but also because of a huge rise in social spending — mostly on health and social security.
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