APR 19, 2018
As the debt keep's piling up the IMF has compared the U.S. debt situation to countries that are failing miserably on a global scale.
In five years, the U.S. government is forecast to have a bleaker debt profile than Italy, the perennial poor man of the Group of Seven industrial nations.
The U.S. debt-to-GDP ratio is projected widen to 116.9 percent by 2023 while Italy’s is seen narrowing to 116.6 percent, according to the latest data from the International Monetary Fund. The U.S. will also place ahead of both Mozambique and Burundi in terms of the weight of its fiscal burden.
Former Fed Chairman Alan Greenspan, speaking in an interview Wednesday with Tom Keene on Bloomberg Television, said lowering corporate tax rates was a good move. “The trouble, unfortunately, is it’s unfunded,” he said, adding that Republicans should have done “spending cuts first before you try to do tax cuts.”
ORIGINAL SOURCE: U.S. Debt Load Seen Worse Than Italy's by 2023, IMF Predicts by Vincent Del Giudice and Alexandre Tanzi of bloomberg.com on 4/18/18