Executive Summary
Assessment and Recommendations
Chapter 1. Challenges Facing the US Economy
-The Economic Situation
-The Macroeconomic Policy Stance
-Near-Term Prospects and Risks
-Challenges over the Short and Medium Term
-Annex: Progress in Structural Reform
Chapter 2. Ensuring Fiscal Sustainability and Budgetary Discipline
-The Federal Budget Outlook and Budgeting Process
-Strengthening the Retirement Income System
-Options for Federal Tax Reform
-Conclusions
Chapter 3. Fiscal Relations across Levels of Government
-Main Features and Trends Shaping Fiscal Relations across Levels of Government
-Issues Concerning the Allocation of Spending Responsibilities
-Promoting the Efficiency of Public Spending
-Fiscal Rules and Macroeconomic Stabilisation
-Concluding Remarks
Chapter 4. Coping with the Inevitable Adjustment in the Current Account
-Introduction
-How Did the US Trade Deficit Get So Big?
-The Risks of What Might Be Needed to Restore Sustainability
-The Case for a Smooth Resolution of the Situation
-The Implications of the Current Account Deficit for US Policies
-Some Concluding Comments
Chapter 5. Labour Market Issues
-The Stylised Facts
-Labour Demand
-Labour Supply
-Compensation and Job Quality
-Policies
-Scope for Action
-Annex. Private Sector Estimates of Offshoring and its Potential Effects
Chapter 6. Energy and Environmental Issues
-Energy
-Environment
-Concluding Remarks