Signs of long-term economic growth are still a way off, says Lawrence Lindsey, former National Economic Council director for President George W. Bush and now president and CEO of the Lindsey Group.
Lindsey predicts the stock market will retest its lows and says there is no bottom in sight for commercial real estate prices.
The biggest issues facing the economy, according to Lindsey, are deficit spending and the huge debt that is going to be issued in the next six months, which he says will be between $1.25 and $1.75 trillion.
“Even when we have to do deficit spending, and I’m all for deficit spending, we should make sure we’re getting real bang for the buck," he added. "A lot of money that’s going out the door now is simply not providing bang for the buck either in the short-run or the long-run for the economy."
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