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Two fundamental problems must be dealt with if the U.S. economy is to get back on track in 2009, according to Scott Sperling, president of THL Partners.
“For the consumer, you need to give them some cash flow certainty, and for businesses, we need to make credit more available,” Sperling told CNBC.
(To hear Scott Sperling's full comments, click here)
Sperling said consumers are overleveraged and no matter how much credit is pushed their way, they’re not going to take more on if they’re worried about the job outlook and whether they can afford the credit they already have.
On the business side, Sperling said the government must let it be known that there is credit available to the business world.
“Right now businesses are looking at a world where they’re not certain they can roll over their working capital line, and they’re not certain they can refinance the debt that’s coming due in the next two years,” he added.
Sperling said this uncertainty is leading businesses to cut jobs and cut spending, which in turn is causing the economy to continue to slow.
More news from CNBC.com:
- Consumer Loan Late Payments at 28-Year High
- Friday's Jobs Report Could Show Decline of 670,000
- US Banks May Have to Raise Capital Again: Whitney
- Slideshow: Best Jobs in America
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