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Read previewThe economy is being artificially boosted by debt-fueled government spending and is heading for trouble bound, a veteran economist warned.
The concentration of employment growth in those sectors shows the wider economy is "terribly dependent on government borrowing," Morici said.
AdvertisementPoor competitionMorici also downplayed President Biden's declaration during his recent State of the Union speech that the US economy was the "envy of the world."
It's widely assumed the Biden administration won't curtail its spending with an election in November, meaning more government jobs are likely to be created in the coming months.
Persons:
—, You've, Peter Morici, Morici, he's, it's, Biden's, Biden
Organizations:
Service, University of Maryland, Fox Business, Business
Locations:
Russia, Ukraine, Israel, Gaza