Economic indicators in the US are showing signs of recovery, despite the Federal Reserve’s unwillingness to take the steps needed to curtail the budget deficit, according to Julius Baer.
A household would never run its budget the way the US government does, said Mark Matthews, a managing director at the boutique private bank. If the US were a household with an annual family income of $21,700 its gross domestic product, it would be spending $38,200 every year. Despite an outstanding credit card bill of $142,710, it is still adding new debt of $16,500 annually and through painful efforts it recently achieved a budget cut of $385.
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