Global economic recovery weakening , says IMF

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From the BBC:
The global economic recovery is weakening as government policies have failed to restore confidence, the International Monetary Fund has said.

It added that the risk of further deterioration in the economic outlook was “considerable” and had increased.

The IMF downgraded its estimate for global growth in 2013 to 3.6% from the 3.9% it forecast in July.

If you keep reading the article, you will find that IMF asserts that the key problem is debt.

Big surprise.
 
Its terrible, I wonder how much longer until we just cave??

Its scary…
 
A related story from Reuters:

Houston-area schools want to borrow $1.9 billion to modernize most of the high schools, while Seattle says it needs $290 million to upgrade a seawall protecting the downtown waterfront so it can withstand an earthquake.

San Francisco wants to sell $195 million of debt to repair and improve worn-out parks and playgrounds that it says have been “loved to death”

Voters in these and a number of other big U.S. cities – some with already-high debt loads – will decide on Election Day whether to borrow even more or face prospects for reduced services or higher taxes.

The United States needs $2 trillion of infrastructure upgrades, according to a 2011 report by the Urban Land Institute and Ernst & Young. Many of these roads, bridges, dams, water and sewer plants serve major metropolitan areas, but the recession left many cities struggling to pay for capital projects and services.
Glad that debt is not a global problem.

Perhaps if we spent less on social assistance over the years, our tax dollars could have been better used for maintenance.

 
markomalley said:
A related story from Reuters:

Houston-area schools want to borrow $1.9 billion to modernize most of the high schools, while Seattle says it needs $290 million to upgrade a seawall protecting the downtown waterfront so it can withstand an earthquake.

San Francisco wants to sell $195 million of debt to repair and improve worn-out parks and playgrounds that it says have been “loved to death”

Voters in these and a number of other big U.S. cities – some with already-high debt loads – will decide on Election Day whether to borrow even more or face prospects for reduced services or higher taxes.

The United States needs $2 trillion of infrastructure upgrades, according to a 2011 report by the Urban Land Institute and Ernst & Young. Many of these roads, bridges, dams, water and sewer plants serve major metropolitan areas, but the recession left many cities struggling to pay for capital projects and services.
Glad that debt is not a global problem.

Perhaps if we spent less on social assistance over the years, our tax dollars could have been better used for maintenance.
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Yes, well, unless they’re willing to pay decent interest and offer some assurance they’re going to be able to pay back the money when the note comes due, I can’t see very many people buying this debt. It just doesn’t make much financial sense.

I agree that we’re putting out too much in sheer welfare to healthy people.
 
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