After a year and a half of fits and starts, the U.S. economy finally seems on its way to a real recovery. Heading into the second half, consumers are spending more freely. Businesses are loosening up their capital budgets, and skimpy inventories and rising orders are lifting industrial activity. Sounds promising, right? But there's a catch. True, the outlook for U.S. demand is the brightest in years, as tax cuts, lower interest rates, healthier financial conditions, and reduced uncertainty work their magic. But overall demand is getting little help from outside the U. S., and much of the pickup in American spending is going to imports. The question: Can the U. S. be the locomotive for world growth without derailing its own recovery?
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