Julius Baer/Matthews

US economic data inspires cautious optimism

Economic data in the US suggests the economy could be turning the corner, but there is still plenty to worry about.

Economic indicators in the US are showing signs of recovery, despite the Federal Reserve’s unwillingness to take the steps needed to curtail the budget deficit, according to Julius Baer.

A household would never run its budget the way the US government does, said Mark Matthews, a managing director at the boutique private bank. If the US were a household with an annual family income of $21,700 its gross domestic product, it would be spending $38,200 every year. Despite an outstanding credit card bill of $142,710, it is still adding new debt of $16,500 annually and through painful efforts it recently achieved a budget cut of $385.

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