New York Times A wave of debt payments about to hit the United States can be likened to those bus drivers who bought $800,000 homes only to find themselves unable to make the payments as the interest crept higher and higher. What would a responsible government do?
“What a good country or a good squirrel should be doing is stashing away nuts for the winter,” said William H. Gross, managing director of the Pimco Group, the giant bond-management firm. “The United States is not only not saving nuts, it’s eating the ones left over from the last winter.”
The end result according to the Treasury Borrowing Advisory:
This month, the Treasury Department’s private-sector advisory committee on debt management warned of the risks ahead.
“Inflation, higher interest rate and rollover risk should be the primary concerns,” declared the Treasury Borrowing Advisory Committee, a group of market experts that provide guidance to the government, on Nov. 4.
“Clever debt management strategy,” the group said, “can’t completely substitute for prudent fiscal policy.”
Prudent fiscal policy under the current administration amounts to spending trillions here and there and everywhere. Do you think that's what the advisory has in mind?
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