De Decennium Wisseling
(Attica Nieuwsbrief, december 2009)

“With US Government debt approaching 100% of GDP by 2010e, signs of a constrained recovery are becoming apparent as the $787bn stimulus package takes effect. Government receipts are falling, while expenditure is at an all time high.
Further transfer of debt from the private sector to the state and rising healthcare costs, particularly for ageing baby boomers, are among the factors behind soaring US public debt. These poor demographics and the complexity of the current crisis serve as reminders that we may not have escaped the prospects of a ‘lost decade’, implying years of sub-par economic growth ahead. The US is not the only country facing such a gloomy outlook for public finances. In Europe also, public debt to GDP should exceed 100% within a few years.”
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