$345,000,000,000 Asset Manager Urges US To Get House in Order, Warns Debt Now Increasing Faster Than Economic Growth

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Jim Millstein, the Guggenheim Securities co-chair, is calling on the United States government to get its financial house in order, warning of a “fiscal disaster.” In a new interview with Bloomberg, Millstein says that government spending is by far outpacing revenues, creating an unsustainable financial situation. “We’re running a 7% of GDP deficit this year, which means that debt is increasing by 7% a year, whereas the economy has only been growing at 2% to 3% a year. So we are basically becomin...