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A quick word of thanks is in order to the US Congress.They always take a ton of grief, so we want to give credit where credit is due.
First, our brave Congressmen ruined their New Years Eve (while most Americans were out partying) to save us from disaster.
Just kidding, that’s not the real reason to thank them.
The real reason to thank them is that they always punt on austerity.
The primary reason that the US recovery has been the strongest in the world is that unlike in Europe and the UK there’s been no premature tightening.
Despite a massive desire to cut spending, the Congress never gets tempted by it.
Even today, the “sequester” has been delayed another 2 months. That’s not ideal (it should be eliminated entirely) but there’s a chance it could be delayed even more when it’s fought over again.
So although the Congress is awful, it’s the Congress’ unwillingness to cut that keeps the recovery going.
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