How Europe Could Derail the U.S. Recovery

Forget the fiscal cliff: The real danger to U.S. growth is in Europe.

EU and EU member flags in front of EU-parliament in Brussels. Left site of entrance behind Altiero Spinelli building at Place Louxembourg.
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Ohanian says even without a total collapse, the ongoing toll of the crisis on European economies is a drag on U.S. growth. European consumers and businesses are using fewer U.S. consulting and investment banking services. According to Ohanian, the U.S. manufacturing industry is receiving the most impact, with Europe buying fewer American-made products.

Ohanian says he doesn't see an end to the crisis in sight. Until Europe finds a long-term solution, it will continue to be an obstacle to a robust American recovery. "It seems like people in the United States have completely forgotten about it," he says. "Unfortunately, it's a very real issue."