Phil Suttle
speaker
557 appearances
3 recordings
1 series
first heard Oct 2024
last heard Jul 2025
Phil Suttle’s voice in public audio — every appearance, attributed to the second.
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Appearances
That was probably more true during the the c during COVID than than since.
I think the big difference without you know getting off subject is that is the consumer.
Um you know the US consumer has been willing to spend and run down its savings rate versus say Europe and the UK where the saving rates the saving rate's gone up.
But Australia's an interesting sort of counter to that 'cause the saving rate's low in in Australia.
Australia and the consumers week, but uh that's that's got probably more to do with than interest rate policy.
But but on the on the on the broader point about can America keep doing this, you know, it's the old adage, you know, it's it's it's um uh from Herb Stein, uh a guy I like as an economist, uh nineteen sixties, seventies economist, who famously said anything that's unsustainable, you know, we'll go on
until it can.
You know, that's Stein's rule.
And and that that's the problem we face with the US fiscal picture, is we s we know it's unsustainable.
And at some point that will come home to roost.
And the question is do you
Do you want to make your adjustments before, you know, the the judgment day as it were, or do you wait for the judgment day and then get forced into something very ugly?
Aaron Powell
Well, no, it hasn't been unsustainable for a long time because historically what's happened is we've had good periods where the deficit's gone down and and bad periods when it's gone up.
But the underlying growth of the economy has been strong enough that debt to GDP, in other words, the relationship between the debt and the economy has been stable or, you know, often declining.
So the problem is that we've got the combination of slow growth and
High deficits.
And that's and then of course, the reason that hasn't been so bad for much of the last decade or much of you know the last few years was because interest rates were also low.
Now you start putting in real interest rate payments, real interest rate payments, and all of a sudden this thing begins to spiral.
Um and of course the other thing, which is kind of relevant to me as an old guy with US uh claims, as it were, is
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