The former treasurer and ambassador to Washington worries that lax, spendthrift populism could turn unsustainable debt burdens into a default crisis.
| The United States’ ballooning government debt harbours a “risk of default” that could eventually “come to a head”, Australia’s former treasurer and ambassador to Washington, Joe Hockey, has warned.
“Political leaders are afraid of hard decisions, when everything can be bought with borrowed money. That sense of entitlement, that you can give people everything they want, is a cancer in our community.”Mr Hockey said the last White House administration to live within its means was that of Democratic president Bill Clinton, which ran a budget surplus in 2001.
As a result, even though the US capital market was the world’s most important, and the country’s markets were still the go-to safe haven, “the risk of default has unquestionably increased”.
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