America's "Debt Addiction"
U.S. Treasury Secretary Becerra's recent remarks about the need for a "detox period" for the U.S. economy have hit the financial markets hard. Bank of America provided a basis for Becerra's speech: the U.S. has never been as reliant on the government as it is now: 85% of job growth, 33% of all spending, and—worst of all—6-7% of the budget deficit depend on the government, all at historically high levels (excluding crises and wars)
U.S. Treasury Secretary Becerra's recent remarks about the need for a "detox period" for the U.S. economy have dealt a heavy blow to the financial markets.
Bank of America provided a basis for Becerra's speech:
The U.S. has never been as reliant on the government as it is now: 85% of job growth, 33% of all spending, and—worst of all—6-7% of the budget deficit depend on the government, all at historical highs (excluding crises and wars).
