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PIMCO CEO Mohamed El-Erian: Budget Deal Will Only Bring Short-Term Relief
Made popular 661 days ago in
One of the most prominent global investors says that a potential budget deal in Washington will only bring short-term relief, and it won't remove the threat of a U.S. debt downgrade by credit rating agencies.
The potential budget agreement "does nothing to restore household and corporate confidence. So unemployment will be higher than it would have been otherwise, growth will be lower than it would be otherwise, and inequality will be worse than it would be otherwise."
"I think this compromise will lead to an increase in the debt ceiling, and therefore avoid default," said Mohamed El-Erian, CEO of PIMCO, a global investment firm and one of the world's largest bond investors said today on ABC's "This Week With Christiane Amanpour." "But this relief will be short."
"We have one rating agency out there that said it would downgrade unless certain things happen, and these things are not happening fast enough," El-Erian said of the budget framework being negotiated.
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Will the Debt Ceiling Deal lead to more unemployment, less growth, and more inequality?
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to learn more. Results may not total 100% due to rounding and voting descrepencies.
661 days ago
The deal has not yet passed. Look for fireworks from the far left as well as the fiscally conservative right. Hopefully the newer Congressmen will ignore the 'leadership' who got us into this mess with their out of control spending habits.
661 days ago
What will lead to more unemployment and less growth, is if the if the trendline of the growth in debt doesn't begin to flatten in the near future.
Equality or lack thereof has nothing to do with the debt problem, except that in many respects it is a cause of the problem. Just think if half of the current workers in the US bettered their lives enough to get off the dole and started paying instead of receiving from the IRS
661 days ago
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