Potential US Growth for 2014

After an estimated 1.9% economic growth in 2014, it is up in the air whether or not the US economy will have a better year. However, Secretary of the Treasury Jack Lew states that if things go well, growth could even be beyond 3% for 2014. To back this prediction, the IMF (international monetary fund) recently upped its prediction of 2.6% growth to 2.8%. Lew believes that because of freedom from tax rises and cuts of spending, the Economy is in better shape and has a better chance to be more successful this year. Two things that are essential for good economic growth (according to Lew) are the creation of more jobs and not quickly doing business with Iran, despite their recently limited nuclear program. President Rouhani of Iran recently stated that Iran would continue with their more peaceful nuclear program, and will try to engage themselves with other countries in order to boost their economy. Lew states that it is far to early to determine whether or not the outcome of doing business with Iran will be beneficial or detrimental.