Wednesday, March 9, 2011

Soros: Budget Cuts To Put Serious Brake On The U.S. Economy

George Soros, "the man who broke the Bank of England", says that public spending cuts forced by Congress would be a "serious brake on U.S. economic growth"

He says the budget standoff between the current administration and the House of Representatives would force severe cuts in public services (reported by Reuters).

"While currently the U.S. economy is improving, that is going to be a serious brake on that in terms of employment and effective demand".

"So I am a little bit less optimistic for the U.S. economy than most people are currently."

Soros said the Republican strategy "has a good chance of succeeding because the policy is very popular. But it is not really feasible to reduce spending to the extent necessary to balance the budget."

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