Wells Fargo economist John Silvia says the US is following the road to fiscal ruin set by Greece and Portugal unless government cuts back.
Silvia told CNBC that the US must
recognize that the moderate economic growth forecast by most economists for the country will fail to generate the tax revenue necessary to fund long-running government entitlement spending. …
“It basically comes down to: Can the Democrats give a little bit in terms of spending over a longer-term time period?” said Silvia, who previously was a senior economist for the US Senate Joint Economic Committee.