It is easy to grow by mortgaging the future

There is cause for concern that many OECD countries today have opted to stimulate their growth by mortgaging the future. This is the case if: Consumption is stimulated by faster growth in real wages than in prod uctivity , eroding profitability and competitiveness . This can be observed in all euro-zone countries, Japan and the United Kingdom; Governments are running fiscal deficit s to stimulate consumption and not investment, which will therefore not generate the additional income in the future to restore fiscal solvency. This can be observed in the United States, France, Italy and Japan.