Michael Lewitt: Crushing Debt Will Stifle Growth Despite Tax Cuts

Michael Lewitt, the manager of the Third Friday Total Return Fund who has warned that stocks are in a bubble, said the global economy is groaning under massive debts that have built up since the 2008 financial crisis, and tax cuts proposed by President Donald Trump won’t necessarily boost growth.

“A heavy debt load suppresses growth and … much of the meager growth experienced since the financial crisis was fueled by an epic accumulation of public and private sector debt,” Lewitt said in the May issue of his Credit Strategist newsletter. “Divorcing economic growth from debt growth paints a false picture of what occurred in the American economy since the financial crisis and offers false hope for the type of growth that can be achieved unless there is a radical reordering of budget and tax priorities in the future.”

U.S. Treasury Secretary Steven Mnuchin this week said economic growth of

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