Is this the same Bill Gross who told Bush to inflate his way out of the recession (a policy which may have helped him get from under certain undesirable bond positions)? Now he doesn't like the deficits. Which Bill Gross is this and which of his fund positions might be coloring this current opinion? Gross, Buffett and Soros are in a race to see who can produce the most self serving fiscal policy recommendations.
I respect Bill for working his way up to running PIMCO but I often find that his arguments are really just marketing in disguise. His outlook publications leave a lot of the details out and are often long ramblings that subtract from a clear statement of the facts. If you have no other source of information and feel like wading through the hyperbole to pick out the facts then these publications can be worth the time to read .....