The biggest risks to the US economy are political, not financial

By Robert E. Rubin for Goldman Sachs

Robert Rubin has led both the US Treasury and Goldman Sachs, which gives him a rare perspective on interactions between the financial and political systems. His recent book The Yellow Pad lays out his approach to thinking and decision-making, drawing on those and other experiences from his life and career. While many investors have worried about the health of the financial system after three banks failed earlier this year, Rubin says he still believes the US economy has enormous strengths over the long term.

“The biggest risks today are not really in the financial system, they’re in the political system,” Rubin told Goldman CEO David Solomon in a Goldman Sachs Talks session. “The problem is we face enormous policy challenges. And while Biden accomplished a lot, the predominance of our challenges haven’t been met.”

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