Vanguard's McNabb on the Debt

http://www.futureofcapitalism.com/2011/11/vanguard-mcnabb-on-the-debt

The CEO of mutual fund and ETF giant Vanguard, Bill McNabb, is blasting Congress for failing to reach a deficit reduction deal via the supercommittee: "We're very disappointed. Last week, I joined with the leaders of several other major investment companies in urging the Joint Select Committee on Deficit Reduction to arrive at an agreement, and to do so quickly. Unfortunately, no such consensus was achieved by the committee's deadline."

More: "The federal government's current fiscal trajectory is unsustainable. We're living beyond our means, the national debt has surpassed $15 trillion, and it's absolutely imperative that our elected leaders in Congress and the White House adopt more responsible budgets. While there continues to be a lot of debate regarding the need for the government to provide additional short-term stimulus, our take is that investors and the markets need to see a credible long-term plan....we aren't recommending specific spending cuts, tax increases, or any particular combination of those approaches."

by Editor  |  Nov 25, 2011 at 10:53 am Related Topics:  Government Spending, Politics, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list