Posted on 04/13/2019 11:02:47 PM PDT by Aquamarine
Economic growth won’t last as the U.S. labors under the burden of growing entitlement programs and weakness around the world, former Federal Reserve Chairman Alan Greenspan told CNBC.
The long-time central bank chief repeated his warnings about the weight that Social Security, Medicare and other programs are having on what have been otherwise solid gains over the past few years.
“I think the real problem is over the long run, we’ve got this significant continued drain coming from entitlements, which are basically draining capital investment dollar for dollar,” he told CNBC’s Sara Eisen during a “Squawk on the Street ” interview.
“Without any major change in entitlements, entitlements are going to rise. Why? Because the population is aging. There’s no way to reverse that, and the politics of it are awful, as you well know,” Greenspan added.
While he said the economy looks “reasonably good” in the short run, he expects that over the longer term, growth “fades very dramatically.”.......
(Excerpt) Read more at cnbc.com ...
Deporting 30-60 illegal aliens and all immigrants on public programs will save a few dollars.
The US economy will continue to progress as long as long as there is a steady trend of bringing back off shored production and we get control of our run away entitlement system
The number of illegal aliens on welfare is staggering
California refuses to implement welfare work requirements because the number of phantom and fraudulent welfare recipients would be exposed
Milton Friedman warned us about welfare states with open borders.
Would this be the same Alan Greenspan that said we can print as much money as we want to pay our debt?
Yes, yet it is.
So which is it?
The opinion of Alan Greenspan or the opinion of Alan Greenspan?
But that's just the problem: We (Baby-Boomers) aren't dying fast enough!
Regards,
What is not sustainable is Welfare and other programs for the illegals. If our Representatives don't put a stop to illegals draining our system we will be destroyed financially. That's the part Alan missed.
Before anything significant is done to “fix” the problem, how about we start with:
Getting all the illegals off it.
Getting all the illegals and their illegal, bastard children out of the country.
Getting all the visa overstayers out of the country and recouping any money they may be getting.
Investigating all the SSI claims. I know for a fact of at least one person, personally, that hired an attorney and lied in court to get benefits, while living with a family member. And she gets quite a bit of money every month for it.
Looking into whether or not, through family reunification, people that aren’t supposed to get benefits are, in fact, getting them.
Investigate and cancel any dead people that are still collecting, from getting checks.
As all of that is happening, put everything in a separate fund and do not allow Congress to dip it into it.
Then we can start talking about changes.
What we need to do is to re-introduce AMERICAN production, back to America.
We are buying everything from the People’s Republic of China.
That needs to be reversed, and our production returned to America.
Just my .02
Things that are not sustainable are not sustained.
Especially gold plated retirements given to some and massive welfare rolls for another.
Eliminate and criminalize all transfer payments...
I was watching some interview about eight years ago, and the analyst was chatting away about Greenspan-this, and Greenspan-that...identifying probably six different Greenspan ‘conflicts’ on economic levels. The guy is more of a comedian than an expert on money.
I want to believe Alan, but then I remember who his wife is.
Of course. He just says whatever is blowing in the wind.
Now that a disaster cannot be averted due to the debt (which has been true for some time now) he’s pretending to be all sagacious.
It’s ridiculous.
He helped make this self-fulfilling prophecy come to pass (so to speak).
What an amazing statement. I would never have guessed.
I only ever watched the first ten minutes of Game of Thrones and even I know: “Winter is Coming”. Abortion is eating the seed corn.
Especially will millions of invaders cashing in on the golden goose handouts.
He is talking down the economy. This is a direct attack on Trump’s re-election, as the Demonrats all know his poll numbers are high partly because of the good economy.
It has already begun to happen.
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