The US deficit stands at $20 trillion and will rise to $30
trillion in a decade. That should be a reason for concern, according to
the US Fed.
"History suggests that if the Fed waits too long to remove accommodation at this stage in the economic cycle, excesses and imbalances begin to build, and the Fed ultimately has to play catch-up.
"
Kaplan’s words come after this week’s report by Goldman Sachs indicated that US debt will turn unsustainable under the Republican leadership. Kaplan previously worked for Goldman as vice chairman.
The new US budget pushed by Donald Trump’s administration envisages serious growth in military spending, and American debt could reach $30 trillion in just 10 years, according to some estimates.
Read more: US Federal Reserve rings alarm about America’s soaring debt — RT Business News
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