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U.S. Needs Austerity to Reset Economy, Pimco Says: Tom Keene

The U.S. should stop kicking “the can down the road” and implement fiscal austerity measures so the economy can fully recover from the financial crisis, according to Pacific Investment Management Co.’s Neel Kashkari.

The government should abandon stimulative measures and focus on economic adjustments in order to allow for long-term growth, Kashkari, managing director and head of new investment at Newport Beach, California-based Pimco, said in an interview on Bloomberg Television’s “Midday Surveillance” with Tom Keene.