Biggest Economy Killer: U.S. Government

24 October 2013 |permalink | email article

Steven Rattner, a longtime Wall Street executive who served as a lead auto adviser in the Obama administration, suggests that the government shutdown and debt ceiling inflicted a toll on the American economy, but that cost is only a fraction of he total damage that the federal government has been causing to the American economy. He poses two questions: what should be done is easier to answer than the question of how to cut trough Washington’s Gordan knot. He suggests the practice of making key financial decisions a few months at a time, under the threat of draconian consequences, should come to an end. Also, both business and consumers are reasonably entitled to be able to plan. He also recommends the need to bring sanity to fiscal policy. The growth in spending for Medicare, Social Security and other “entitlement” programs brings the distasteful prospect of continuing cuts in other programs, higher taxes, growing deficits or some other combination of them all.

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