|By PR Newswire||
|January 23, 2014 03:00 PM EST||
NEW YORK and DALLAS, Jan. 23, 2014 /PRNewswire/ -- Murray Holland, author of "A Nation in the Red," says Congress and President Obama have failed again in making any headway on the U.S. debt.
He predicts a colossal train wreck, leading to more middle class stagnation. Already, the U.S. has the world's 6th debt/GDP ratio.
"Do I sleep better at night knowing that Republicans and Democrats finally agreed to a budget and solid financial plan?" said Holland "That the Fed will keep printing money and keep interest rates at zero? We are close to the fate to which Spain, Portugal, Ireland, Iceland, Greece and Argentina succumbed: depression from excess debt."
Holland says the U.S. used to have some in Congress who cared about financial collapse from excess borrowing: Republicans in 2011 promised to cut at least $100 billion a year. Then the "sequester," which reduced growth $85 billion over 10 years, was touted. "These same Republicans welched on both promises with this deal. There are NO budget cuts and they gave back most of the sequester."
According to Holland, the Republicans made it clear they view 2014 elections as more important than solving financial problems. "Since we cannot count on deficit reduction from the Democrats, we have run out of parties that could save us, unless you believe that Federal Reserve policies can single handedly."
A 30-year veteran of the finance industry and managing director of MHT Partners, Holland believes Fed policies have a side effect of pumping up equity and debt markets by lowering expected returns.
The simple math, Holland said, is we are spending $720+ billion per year in interest expense. "Since we are deficit spending at a faster rate than the economy is growing, over time the numbers get worse."
Holland sees few options: Default is a global disaster. "This leaves grow the economy and balance the budget with decreased spending and/or increased taxes. The only way out is balance the budget but Congress showed us that won't happen."
"I am afraid that the only way this will end is when the markets say 'Your risk of repayment is too high so we are going to stop lending.'"
For more information, go to: www.anationinthered.com
SOURCE Murray Holland
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