PIMCO’s Mohamed El-Erian says policymakers trying to address the country’s fiscal problems should focus on getting businesses and individuals to put the “ton” of cash now sitting on the sidelines to use, both via investment markets and capital spending. “If you make that your objective, you’re going to move not only just on fiscal reform but on labor market reform, on credit market reform, and on housing reform, and that’s what this country needs,” El-Erian tells CNBC. He also says that he thinks tax reform should involve both increases to rates and an expansion of the tax base.
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