Dallas Federal Reserve Bank Chair: US Approaching Insolvency, Fix To Be ‘Painful’
Posted by iusbvision on March 23, 2011
Democrats are calling 1.5% cuts “draconian” and that is after tripling deficit spending since 2008 and 6.5 times over 2007.
The United States is on a fiscal path towards insolvency and policymakers are at a “tipping point,” a Federal Reserve official said on Tuesday.
“If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when,” Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt. “The short-term negotiations are very important, I look at this as a tipping point.”