IBM Vice Chairman Gary Cohn says current economic data has hidden troubles beneath the surface.
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00:00The economic data on the surface right now is pretty good.
00:03I think beneath the surface, there's probably more trouble than people want to admit.
00:08The current administration has financed our deficit in very short duration.
00:13So we've got this duration wall issue.
00:16We have this issue where the immigrants into this country have cost cities enormous amount
00:23of money.
00:24Amazingly, those cities, mostly democratic cities, have managed to keep themselves very
00:29quiet up till today on the cost of that.
00:32We're going to have to pay for this.
00:33I think you're going to see cities running to Washington looking for enormous amount
00:37of handout.
00:38And I think there's going to need to be some money spent.
00:41And we've got a housing cost issue going on.
00:43So we start with that premise.
00:45But then we roll forward into where I think Lynn and I get pretty optimistic.
00:49And we start looking-
00:50I like how you're all speaking for each other.
00:51Well, she gave me the option to be very optimistic, so I'm going to exercise my option.
00:58We roll forward into an environment where the business environment and business investment
01:05is in a position where it is going to stimulate economic growth.