When a former Treasury Secretary looks at the U.S. government’s current fiscal policy, what do you suppose keeps them up at night?
If you’re Larry Summers, who served as former President Bill Clinton’s Secretary of the Treasury, that something is called a “doom loop”. Fortune summarizes Summers’ recent comments on that topic when he appeared on Bloomberg Television’s Wall Street Week.
Governments need to pay increasing attention to their budgets, with mounting deficits alongside surging borrowing costs having the potential for shaking confidence, he said. In the US, student-loan forgiveness, emergency funding for Hurricane Ian and rising defense spending needs suggest that
