Moral Outrage
Whew! God help us!

IMF warns US to take action on addressing debt

The International Monetary Fund issued a clarion call to bickering US politicians, urging them to solve the country’s debt problems before a still-vulnerable economy is tipped over the brink.

In a hallmark semi-annual report, the Washington-based fund warned policymakers on the other side of the US capital that, while the world’s largest economy is improving, they invite trouble by not addressing a looming debt crisis.

So far the United States has avoided the type of debt crisis that has ravaged Europe — with the dollar’s safe-haven status and moderate growth providing a sizable safety net even as agencies have downgraded the country’s credit rating.

But with Washington hurtling toward November presidential polls, and with the country’s politicians gripped by a culture of permanent campaigning, time may be running out to find a solution.

US debt is expected to balloon to 90 percent of total economic output by 2020, “an uncomfortably high burden,” according to the IMF.

[AFP]

Advertisements

No Responses to “IMF warns US to take action on addressing debt”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: