IMF chief Kristalina Georgieva calls U.S. debt load 'mind boggling'
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International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned at the Milken Institute Global Conference that the United States' current level of deficit spending is not sustainable and could crimp U.S. and global growth. The U.S. debt is now roughly $34 trillion, consuming more than 17% of federal revenue. Georgieva emphasized the burden on the U.S. and the opportunity cost of the money that could be used to finance jobs and business opportunities for American companies in emerging markets. She called for the U.S. to address its entitlement spending but acknowledged the strength of the U.S. economy and its position as a pillar of the world economy. Georgieva also discussed the impact of trade restrictions and industrial policies on global growth rates, warning that they can cause the world economy to lose between 0.2% and 7% of GDP. She expressed optimism that policymakers will take corrective action to avoid a crisis. The Milken Institute Global Conference, with a focus on artificial intelligence, sustainability, and other pressing issues, features more than 200 sessions and over 1,000 speakers, including Argentina President Javier Milei and Elon Musk.
#Imf #UsDebt #DeficitSpending #GlobalGrowth #MilkenInstituteGlobalConference #KristalinaGeorgieva #TradeRestrictions #IndustrialPolicies
https://www.latimes.com/business/story/2024-05-06/milken-institute-global-conference-imf-krisalina-georgieva-javier-milei-elon-musk
Los Angeles Times /
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2024-05-06 19:00:34
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2024-05-06 19:00:34Event JSON
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"content": "IMF chief Kristalina Georgieva calls U.S. debt load 'mind boggling'\n==========\n\nInternational Monetary Fund (IMF) Managing Director Kristalina Georgieva warned at the Milken Institute Global Conference that the United States' current level of deficit spending is not sustainable and could crimp U.S. and global growth. The U.S. debt is now roughly $34 trillion, consuming more than 17% of federal revenue. Georgieva emphasized the burden on the U.S. and the opportunity cost of the money that could be used to finance jobs and business opportunities for American companies in emerging markets. She called for the U.S. to address its entitlement spending but acknowledged the strength of the U.S. economy and its position as a pillar of the world economy. Georgieva also discussed the impact of trade restrictions and industrial policies on global growth rates, warning that they can cause the world economy to lose between 0.2% and 7% of GDP. She expressed optimism that policymakers will take corrective action to avoid a crisis. The Milken Institute Global Conference, with a focus on artificial intelligence, sustainability, and other pressing issues, features more than 200 sessions and over 1,000 speakers, including Argentina President Javier Milei and Elon Musk.\n\n#Imf #UsDebt #DeficitSpending #GlobalGrowth #MilkenInstituteGlobalConference #KristalinaGeorgieva #TradeRestrictions #IndustrialPolicies\n\nhttps://www.latimes.com/business/story/2024-05-06/milken-institute-global-conference-imf-krisalina-georgieva-javier-milei-elon-musk",
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