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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Danny Moses, 2008 crash predictor, warns of looming crisis, says DOGE’s spending cuts could wreak havoc on businesses and the labor market
Danny Moses, who is known for predicting the mortgage-backed debt led 2008 financial crisis, has now sounded alarm for another economic crisis fueled by massive government employee layoffs under the Department of Government Efficiency (DOGE), headed by Elon Musk.
Danny Moses' Warning
Moses, who rose to fame after Michael Lewis wrote the book-turned-movie 'The Big Short' about the housing bubble, has warned about the broader economic consequences of these cuts, reported Fortune.
During CNBC's 'Power Lunch', he shared that, “I think we are underestimating the impact to the economy of the cuts we're making at the federal government, and what that might mean [for] the knock-on effects into the economy,” quoted Fortune.
As per Moses, the federal government job cuts, which already total more than 24,000 under the Trump administration, might have ripple effects across the economy, as per the report. Many of these workers are highly skilled and might find it difficult to find new employment in the private sector, reported Fortune. Moreover, another 75,000 employees took deferred resignation packages, enabling them to keep receiving benefits until September, the report added.
He claimed, “We're hurting the revenue side of the equation,” quoted Fortune. He warned that the market has yet to fully factor in the economic consequences of these changes, as per the report. Moses said, “I think we are being overly optimistic [as to] how this is going to play out,” quoted Fortune.
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Impact of Government Cuts
According to Moses, the actual impact of the federal cut isn't merely in the loss of employment itself, but in the entire economic ecosystem that's been damaged, as per the report. Federal contracts, important to both
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