×

Fill out the brief form below for access to the free report.

  • George W. Bush Institute

    Our Ideas

  • Through our three Impact Centers — Domestic Excellence, Global Leadership, and our Engagement Agenda — we focus on developing leaders, advancing policy, and taking action to solve today’s most pressing challenges.

I'm interested in dates between:
--

Taking Action

Advancing Policy

Developing Leaders

Issues

I have minutes to read today:

Programs & Issues

Taking Action

Advancing Policy

Developing Leaders

Issues

Publication Type
Date
I'm interested in dates between:
--
Reading Time

I have minutes to read today:

Uncertainty Restrains Growth

August 6, 2012 1 minute Read by Patrick Girasole

A front page story in today’s New York Times echoes the claims made in my previous post regarding the negative effects that uncertain policy is having on the American business community. This excerpt captures the potential negative consequences for growth: All told, the political gridlock in the United States, along with the continuing debt crisis in Europe, will shave about half a percentage point off growth in the second half of the year, estimates Vincent Reinhart, chief United States economist at Morgan Stanley. More than 40% of companies surveyed by Morgan Stanley in July cited the fiscal cliff as a major reason for their spending restraint, Mr. Reinhart said. He expects that portion to rise when the poll is repeated this month. “Economists generally overstate the effects of uncertainty on spending, but in this case it does seem to be significant,” he added. “It’s at the macro- and microeconomic levels.”


Author

Patrick Girasole

Patrick Girasole is a graduate student at the London School of Economics studying political economy. Previously he was an intern at the George W. Bush Institute’s 4% Growth Project. Patrick has also worked at the U.S. Embassy in Rome, Italy. Patrick graduated magna cum laude from the University of Oklahoma, where he majored in history and political science.

Full Bio

Related Articles: