U.S. Mission to the OECD
Office of Public Affairs
For Immediate Release September 20, 2010
OECD Economic Survey of the United States Released
“The OECD Economic Survey of the U.S. released in New York today provides evidence the Administration’s response to the crisis worked." said U.S. Ambassador to the OECD Karen Kornbluh. "It also says we’re not out of the woods yet on jobs and need to do more. Other OECD research recommends exactly what the President is calling for: investing in R&D, infrastructure and small business. “
According to the report, the U.S. fiscal stimulus saved some 2.5 to 3.5 million additional jobs from being lost by raising aggregate demand and supporting employment. Measures cited include programs to extend unemployment benefits, increase job training, and leverage tax and hiring credits. The survey lauds the positive impact of extending unemployment benefits, considered to be the largest creator of jobs per government dollar spent.
It praises the success of the U.S. government at enacting health care reform. Noting that “the major long-term risk to fiscal sustainability…is public health care outlays”, the survey illustrates how the recent health-care reform will help to reduce long-term growth in public health spending. The review also welcomes the President’s establishment of the bipartisan “National Commission on Fiscal Responsibility and Reform.”
The report recognizes that “the massive, rapid and coordinated policy interventions introduced by the United States and other governments saved the financial markets from becoming almost completely illiquid…financial markets are now on their way to recovery.” The U.S. continues to actively engage in strengthening and improving the U.S. financial system as evidenced by the recent passage of the Frank-Dodd Bill on Financial Reform and Consumer Protection, signed into law by President Obama in July.
About U.S. Engagement at the Organization for Economic Cooperation and Development
The United States is a founding member of the OECD, a global policy shop - or "GPS" of the world economy - composed of 34 democratic countries with market-based economies. Shared goals include achieving a rising standard of living in member countries, as well as engaging with non-members to contribute to the development of the world economy. Through its public policy research, ‘soft law,' and peer reviews, the OECD - which turns 50 later this year - provides the United States an opportunity for engaging with other countries on economic regulatory issues.
Get updates at http://usoecd.usmission.gov. Twitter: @USAmbOECD, @USmissionOECD
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