US can't grow out of deficit, says Gramlich

The United States cannot grow its way out of its budget deficit problem despite recent improvement in budget and trade numbers, Federal Reserve Governor Edward Gramlich said on Wednesday 8 June.

"Fortunately, the budget numbers and the trade numbers have gotten a bit better recently but that doesn't solve the long-term problem," Gramlich said in response to audience questions after a speech to Milwaukee-area business leaders.

"Individual accounts may or may not be a good idea, but they won't so

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