Skunked

Posted by Bill Gross of Pimco

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America – hold your noses. You ain’t smelled nothin’ yet.

I speak, of course, to the budget deficit and Washington’s inability to recognize the intractable: 75% of the budget is non-discretionary and entitlement based. Without attacking entitlements – Medicare, Medicaid and  Social Security – we are smelling $1 trillion deficits as far as the nose can sniff.