A Wharton Business School finance professor, Gomes is issuing a warning cry many of his peers so far have chosen to ignore: America’s burgeoning public debt mountain.
Gomes admits he’s “probably” more worried than his colleagues about government debt, but refuses to stay silent on a broiling issue he believes will throw the global economy into disarray.
Gomes predicts America’s $34 trillion debt burden may upset the world’s financial markets as early as next year—should a president-elect announce a raft of expensive policies.
The Black Swan author Nassim Taleb says the economy is in a “death spiral,” while Fed Chairman Jerome Powell says it’s past time to have an “adult conversation” about fiscal responsibility.
Bank of America Research’s Flow Show team, led by investment strategist Michael Hartnett, calculated in February that the deficits run up under the tenures of Presidents Trump and Biden are the greatest since Franklin D. Roosevelt in the 1930s.
“Responsible budget proposals” may suffice to stave off any market upset, Gomes said, while “imposing major cuts on some programs … opens a Pandora’s box of social unrest that I don’t think anybody wants to think about.”
The original article contains 1,294 words, the summary contains 186 words. Saved 86%. I’m a bot and I’m open source!
This is the best summary I could come up with:
A Wharton Business School finance professor, Gomes is issuing a warning cry many of his peers so far have chosen to ignore: America’s burgeoning public debt mountain.
Gomes admits he’s “probably” more worried than his colleagues about government debt, but refuses to stay silent on a broiling issue he believes will throw the global economy into disarray.
Gomes predicts America’s $34 trillion debt burden may upset the world’s financial markets as early as next year—should a president-elect announce a raft of expensive policies.
The Black Swan author Nassim Taleb says the economy is in a “death spiral,” while Fed Chairman Jerome Powell says it’s past time to have an “adult conversation” about fiscal responsibility.
Bank of America Research’s Flow Show team, led by investment strategist Michael Hartnett, calculated in February that the deficits run up under the tenures of Presidents Trump and Biden are the greatest since Franklin D. Roosevelt in the 1930s.
“Responsible budget proposals” may suffice to stave off any market upset, Gomes said, while “imposing major cuts on some programs … opens a Pandora’s box of social unrest that I don’t think anybody wants to think about.”
The original article contains 1,294 words, the summary contains 186 words. Saved 86%. I’m a bot and I’m open source!