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Under the umbrella of the AfDB's Thought-Leadership Seminar series, Professor Cecilia Rouse of Princeton University made a presentation on “The US Economy in the Global Economic Crisis” on 26 March. Chief Economist, Mthuli Ncube, chaired the event which brought together more than 70 Bank experts including Board members and Vice Presidents.
In her presentation, Professor Rouse said: “In 2009 and going forward, we have seen a significant economic recovery in the USA, given the effectiveness of the policy under which the government has managed the recession proceeds.”
She also affirmed that the country has had consecutive job growth in the private sector. “We have seen employment growth, and Gross Domestic Product is looking more positive as well,” she said.
The program provided participants ample opportunity to share their views on the US economy from 1979 to date. Topics included the Recovery and Reinvestment Act (ARRA); safety nets as an economic stabilizer; estimates of ARRA's effects on employment and extended benefits, after tax benefits, health benefits and other aspects; types of employments as well as the government’s efforts on job creation in 2010.
The presentation also provided a picture of important questions to be asked while assessing the country’s economy following recession. Professor Rouse also asserted that the US private sector is vibrant.
The presentation was followed by a live question and answer session.
Professor Rouse was also an editor of the Journal of Labor Economics and served for a year at the White House on the National Economic Council as well as being a member of President’s Council of Economic Advisors.