Economics Report - World Economy: 2012 in Review

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From	Greece	Special	a	are	clear	country	financial	first
global	has	inaction	is	its	lawmakers	political	rate	said	say
spending	than	the	they	to	were	year

VOA Learning English, this is the Economics Report in English. The American economy improved in 2012, but the of growth remained low. America's jobless rate fell to lowest level in four years. Average home prices ended long period of decline. And money started flowing into markets again. But at the year's end, many observers the economic recovery had not been as strong as had hoped. Like many other countries, the United States spending more money than it is receiving. Some countries spending money they do not have in an effort get their economies growing again. Yet, many experts say money you don't have, or deficit spending, has caused financial problems with debt, especially in Europe. Other economists the mathematics is not that simple. Desmond Lachman of American Enterprise Institute says that deep budget cuts in have only produced a deep recession. Some see political as a threat. Financial reform activist Robert Bixby says biggest problem for the American economy is the country's system. He says political dysfunction is a bigger threat economic problems. Federal Reserve Chairman Ben Bernanke says the does not have to be this way. Recently he urged lawmakers to provide leadership. He has called on to cooperate and creatively deliver fiscal clarity, or a path to solving the nation's budget problems. On January , Congress agreed on new tax legislation. The measures took place of larger tax increases and budget cuts that to take effect automatically at the beginning of this . For VOA Learning English, I'm Alex Villarreal. (Adapted from radio program broadcast 04Jan2013)

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