Roubini: U.S. Is a Ticking Fiscal Time Bomb

The Obama administration lacks the “political capital” for serious financial reform, and that is putting the U.S. in a perilous fiscal position, writes former Clinton White House economist Nouriel Roubini.

In his column in Forbes magazine, Roubini, a professor of economics at the Stern School of Business at New York University and chairman of Roubini Global Economics, a consulting firm, notes that the president’s “waning political capital” will stand in the way of achieving the left’s fiscal, social and economic goals.

The administration has proposed a new budget, as well as a tax on banks, and is actively marketing the ideas, but these proposals fall short of the required “aggressive fiscal reforms” to make America competitive again, writes Roubini. (more)