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Fed’s Fisher Says U.S. Risks ‘Social Unrest’ Amid Rising Federal Deficits
December 2, 2011
Federal Reserve Bank of Dallas President Richard Fisher said today that the U.S. risks “social unrest” if it doesn’t bring the federal debt under control.
“Our debt burden is larger than that of Europe. We are headed in the wrong direction,” Fisher told the Dallas/Fort Worth Minority Supplier Development Council. “If we don’t bring it under control, we will have social unrest.”
Fisher said the Federal Reserve would not allow inflation to rise as a way to cushion the impact of rising deficits. The U.S. lost its last stable outlook from the three-biggest credit- ranking companies when Fitch Ratings lowered the nation’s outlook to negative on Nov. 28 following the so-called congressional supercommittee’s failure to agree on deficit cuts.
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