Adek Berry/AFP/Getty Images

L’ Incombente Decisione sul Debito Statunitense

BOGOTÁ – Il governo degli Stati Uniti dovrebbe bloccare gli attuali oneri finanziari molto bassi mediante l’emissione di debito a lungo termine? È una scelta difficile, ma con i livelli complessivi di debito già elevati (per non parlare delle passività scoperte di previdenza e assicurazione sanitaria, destinate ad aumentare) forse è giunto tale momento.

Finora, il Tesoro americano e il Federal Reserve Board, che agiscono in combinazione, hanno operato per mantenere basso il debito pubblico a lungo termine, al fine di ridurre i tassi di interesse per il settore privato. Infatti, a questo punto, la durata media del debito degli Stati Uniti (che integra il bilancio della Fed) è oggi inferiore ai tre anni, ben al di sotto di quello della maggior parte dei paesi europei, anche tenendo conto dei massicci programmi di quantitative-easing (QE) delle proprie banche centrali.

L’inclinazione verso prestiti a breve per cercare di stimolare l’economia ha avuto un senso fino ad oggi. Dato che il tasso di interesse sul debito a 30 anni degli Stati Uniti è di circa 200 punti base superiore a quello del debito ad un anno, l’indebitamento a breve termine ha fatto risparmiare soldi anche al governo.

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