Debt Threat Unimportant
August 11, 2011
CNBC Television
9th August 2011
“The real threat out there is protectionism. This debt thing is pretty jolly unimportant, it was unimportant before, it’s unimportant now, it will be unimportant in the future. Don’t worry about debt… worry about GDP, worry about the economy, that is the real problem,” Roger Nightingale said.
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How can debt load be unimportant? I phrase this as a question? Doesn’t high government debt loads reduce available capital for the private sector and subsequently leads to higher tax loads which further drain excess capital for private sector investment?