Skip to comments.Alan Greenspan Just Called Out Republicans For Exploding Entitlement Spending
Posted on 11/07/2012 9:52:31 AM PST by blam
Alan Greenspan Just Called Out Republicans For Exploding Entitlement Spending
November 7, 2012, 10:48 AM
Alan Greenspan is on Bloomberg talking to Betty Liu about the economy and the fiscal cliff in Obama's second term.
The former Fed Chairman is just as worried about the issue as everyone else on the Street, and he doesn't really think the election changes much (from Bloomberg):
I think it's a very dangerous situation largely because presumption we can resolve this issue without physical pain, spiritual pain or any sort of economic pain whatsoever.... no matter how we resolve it there are negative consequences. I'm concerned the election hasn't really changed the balance of what's going on and I think it will come down to the very last minute before any action is taken.
A down-to-the-wire resolution is really the last thing the market wants (see the debt ceiling debate of summer 2011), and knowing that, Greenspan says that he'd like to see Congress start with Simpson-Bowels and work from there (because there's more to do).
That, however, requires politicians to cooperate and "recognize that the national interest requires that in a democratic society you can have differences but if you want to live in the same economic location you have to come to an agreement," said Greenspan.
It also requires politicians from both sides of the aisle to be honest about what the problem here is. Greenspan put it very succinctly as a "social benefits to persons problem" which is taking up 15% of GDP.
We've heard the before... entitlement spending. No two words getting fingers pointing faster in Washington, but Greenspan squashes that.
Remember that this expansion going on since the early 1960s has been occurring more under Republican administrations than Democratic administrations
There, that's settled.
(Excerpt) Read more at businessinsider.com ...
Mr. Andrea Mitchell can go f himself.
Looking at the NBC hag, he probably already is.
Andrea will be proud.
See where political pandering gets you.
Unreal...the next thing we will be hearing is that the Republicans were the ones who pushed Obamacare through, and the Dems wanted to slow down and put out meaningful legislation..
Unfortunately, I have come to the conclusion that nothing will be done until the entire system breaks down. There is no “fixing” it.
Greenspan trying to tie this around Republican’s necks??
“Hey Al, how is that housing bubble thing you created working out?”
Greenspan is blaming REPUBLICANS?!
Look, they’ve got plenty to be blamed for...but compared to the party of Obamugabe, they’re PIKERS when it comes to spending!
I've said numerous times that there's no peaceful way back from here.
And yet, all the dependents voted for the rats. I guess, by Greenspans’ logic, they don’t want more funding for entitlements.
If we go over the cliff, we go over.
Wait. If social spending has “exploded” under Republicans, then it is incumbent on Republicans to do the right thing. OK, we are sorry, we are going to reduce social spending by half. Fixed it.
This confirms my habit of using a cartoon of Greenspan as a target when I go plinking with the .22 out in the ravine behind the house.
sure he did- the left is now unrestrained- they will do NOTHING BUT lie cheat steal and turn aroudn and tell everyoen that it’s the GOP’s fault and everyoen will beleive them- Why wouldn’t greenspan come out the next day and lie? The media will never hold him accouintable- the left are now free to say and do whatever they want- Can’t get somethign htrough congress? No problem, the pres will just order and executive measure to work around it- he has set hismelf up as king, and hte media is allowing it- This is goign to be the nastiest 4 years we’ve ever seen- greenspan was just the tip of the iceburg- it’s goign to get much much worse
I’ve accepted the reality that we will go over the cliff. It’s terrible and I don’t think Romney would have done much to save us because the truth is a hard pill to swallow. He would not have cut entitlements nor gotten Obamacare repealed. But everyone in my household held our noses and voted for him (I had to eat my pride on that one).
No one wants to be the bad guy who sends the masses to the streets rioting. It will be over when there is no other means of borrowing or looting to support this travesty and not one of us will be able to stop the tide of chaos that follows. Stay safe and be prepared.
Is he going to blame Mary Jo Kopechne for drinking too much too?
Actually, the Republicans ought not do a thing to help this Communist president further screw up. Let him be his own popper-scooper. He made the 6 Trillion dollar mess, so let him clean it up on his own.
No, he’s not wrong.
Medicare Part D spending growth is very strong, and we already knew we had an entitlement spending issue when Bush and the GOP House leadership rammed it through.
The Bush administration put in place a new entitlement program on top of an already unsound entitlement program.