Reply #35: Rubin: U.S. on wrong economic track [View All]

[UpInArms]

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38618.4274093287-843518814&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- The United States is on the wrong economic track and finds itself in a deepening hole of debt, former Treasury Secretary Robert Rubin said Friday. Speaking to a congressional Democrats forum on the economy, Rubin said mounting government deficits are especially "pernicious" when combined with a large current account deficit and low personal savings rates. Rubin said leaders of both parties should make a "renewed commitment to facing our problems." Rubin, now a co-director of Citigroup, said short-term risks include the probability of higher interest rates and a weaker dollar, while the longer-term risks include paying for soaring health care costs.