Friday, December 2, 2011
Fisher: Fiscal deficits hurt Fed's efforts on economy
Federal deficits are complicating efforts by the US Federal Reserve to help the economy, but using the central bank as a printing press to solve the problem "is not an option," a top Fed official said.
"Our nation has a crying need for public leadership to correct what's wrong in the economy," Dallas Fed President Richard Fisher told the Dallas/Fort Worth Minority Supplier Development Council. Monetary policy, he said, "cannot do it alone," but "must be complemented by responsible fiscal policy."
Fisher said the unfunded liabilities from the federal Social Security and Medicare programs are in the tens of trillions of dollars.
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