Wednesday, March 13, 2013

Roubini : US Will Suffer Payback For Not Implementing Euro-Style Economic Austerity

Nouriel Roubini Says US Will Suffer ‘Payback’ For Not Implementing Euro-Style Economic Austerity, Predicts 1.5% GDP Growth For The Year Speaking Friday from the annual Ambrosetti Forum in Cernobbio, Italy , “I think that we have another year in the U.S. of growth below trend ... one-and-a-half [percent] is the best estimate,” he told CNBC from Italy on Friday. “We have postponed the fiscal austerity, unlike the euro zone and the United Kingdom, and now we stole some growth from the future; we have to start the fiscal consolidation, and therefore there will be some payback from the mistakes made in the past.”
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