Ambassador Bruton Warns against Effects of Escalating Public Debt

October 21, 2009 at 8:00 am

Speaking at the European Institute in Washington, DC, today, Ambassador John Bruton, Head of the European Commission Delegation to the United States, warned that escalating public debt in Europe and the United States could hinder the ability to tackle challenges ranging from climate change to healthcare.

Noting estimates that the US public debt could reach 150% of GDP by 2030 – and that the number could be even higher for some European countries – Ambassador Bruton said, “Those levels of indebtedness would increase vulnerability of the EU Member States and the United States to international interest rate fluctuations, and they would reduce very significantly the resources that we could set aside for military, naval and homeland security activity, as well as for vital social and educational services.”

Pointing out that “politics is about more than the next election; it is about the next generation,” Ambassador Bruton said there is a need to get serious about long-term issues and realize that major problems have to be dealt with simultaneously as they are all interconnected.

“My hope, as I leave my post here after five wonderful years, is that, on both sides of the Atlantic, the positive, the foresightful, the courageous and the problem-solving forces in politics will overwhelm the forces of postponement, partisanship, point scoring and intellectual paralysis,” he said.

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Entry filed under: Business Environment, European Union, NKITA, Recession.

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