Der ehemalige Finanzminister der USA müsste ja eigentlich genau wissen wovon er spricht!
Gruss
ThaiGuru
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Citigroup's Rubin warns of budget deficit "morass"
Former U.S. Treasury Secretary Robert Rubin on Thursday warned that spiraling budget deficits have created a "fiscal morass" that might threaten the U.S. economy's longer-term health as baby boomers approach retirement. Rubin, now part of Citigroup Inc.'s office of the chairman, said the budget has swung from a projected 10-year surplus of $5.6 trillion in 2001 to a projected 10-year deficit that might reach $5.5 trillion. After methodology changes, he said that amounts to a $9 trillion swing, with 2001 and 2003 tax cuts expected to cost $4 trillion over the next 10 years.
Zitat"The deficits of the magnitude we're now talking about would have a substantial adverse impact on interest rates, productivity and our economy," he said in a speech.
Zitat"The fiscal morass that we have today is a more serious problem than the unsound fiscal conditions of the 1980s," he added.
This is in part because of higher deficits, lower personal savings, high consumer debt, and higher expected entitlement payouts as Americans age, he said.
At some point, Rubin said, markets might fear that deficits will cause "fiscal disarray" or that the government won't show fiscal discipline, leading to "sharply higher" interest rates.
Rubin was treasury secretary from 1995 to 1999 under the administration of Bill Clinton, a Democrat, and is widely credited with helping to stem financial crises in Mexico, Asia and Russia. He spoke at the New York Society of Security Analysts' annual dinner.
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