Excerpts from Michael Spence economic outlook for 2013: In posts for the Council on Foreign Relations Moody’s Chief Economist argues that next year will be bright for the U.S. economy. CFR’s A. Michael Spence agrees, but cites concerns that could stymie growth. A. Michael Spence, Distinguished Visiting Fellow, Council on Foreign Relations The economic outlook for the United States in 2013 is marginally brighter. The economy is adapting structurally, albeit slowly, to an altered and more sustainable growth pattern. The deleveraging process is further along, which, in turn, has spurred domestic demand. A divided Congress appears to be serious about reducing debt and long-term non-debt liabilities, and may come together around a credible stabilization path that will reassure business, reduce uncertainty, and boost investment. However, disruptive technology, global market forces, the education gap, and skills deficit mean that long-term unemployment will remain a problem. Looser monetary policy, designed to buy time for politicians to enact needed policy changes, may push the economy back toward the defective leveraged-growth model and delay long-overdue structural adjustments. http://www.ideaslaboratory.com/2013/01/01/a-michael-spence-and-mark-zandi-prospects-for-u-s-economy-in-2013/?utm_source=outbrain&utm_medium=relatedcontent&utm_campaign=ilomobile