NEW YORK: More than three years after the financial crisis struck, the US economy remains stuck in a consumer debt trap.
It's a situation that could take years to correct itself. That's why some economists are calling for a radical step: massive debt relief. Federal policymakers, they suggest, should broker what amounts to an out-of-court settlement between institutional bond investors, banks and consumer advocates essentially, a “great haircut” to jumpstart the economy.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!