Reflecting on some of the El – Arian and Reinhart quotes:
“disruptive political bickering”
“could even merit a “fail” grade”
“the true nature of America’s overextended government, which stretches well beyond the $14,300bn public debt that is currently subject to limit. Here the federal sector is on the hook for a number of liabilities. Some are well known, and based on legislated promises, such as the underfunded social safety net. Others are unacknowledged, but will soon hit the national balance sheet”
“the fact that almost half of all Treasury securities are now in the hands of foreigners”
“US tax policy is shambolic and spending discipline non-existent”
To summarize: incompetent politicians, off-balance sheet debt, shambolic tax policy, profligate spending, foreign ownership of debt, no meaningful debt reduction envisaged, in fact another Greece !!!
“disruptive political bickering”
“could even merit a “fail” grade”
“the true nature of America’s overextended government, which stretches well beyond the $14,300bn public debt that is currently subject to limit. Here the federal sector is on the hook for a number of liabilities. Some are well known, and based on legislated promises, such as the underfunded social safety net. Others are unacknowledged, but will soon hit the national balance sheet”
“the fact that almost half of all Treasury securities are now in the hands of foreigners”
“US tax policy is shambolic and spending discipline non-existent”
To summarize: incompetent politicians, off-balance sheet debt, shambolic tax policy, profligate spending, foreign ownership of debt, no meaningful debt reduction envisaged, in fact another Greece !!!
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