“We’ll either have to raise taxes or increase budget deficits in order to finance it. And it will crowd out other things. Already we’re starting to see it impact education and infrastructure spending,” Citigroup economist Steven Wieting said.
Citigroup economist Steven Wieting
We had the “dot com” bubble and then we had the housing bubble. You‘d think we’d learn our lesson, right? Apparently not.
Due to constantly rising healthcare costs, Citigroup economist Steven Wieting says the healthcare industry will be the cause of the next big bubble. And as if his analysis wasn’t scary enough, he also suggests it will be bigger than anything we’ve seen before.
“It’s not a single asset price that’s about to pop (like housing) and it doesn’t have a cyclical component,” he explains during a live interview on CNBC’s Fast Money.
“It’s a fundamental bubble that will have a large impact on the economy,” he added.
Watch Wieting explain the possible new bubble (via CNBC):