Some amazing Greenspan quotes:
"Reducing U.S. long-term deficits will inevitably cause economic pain."
“The presumption that we’re going to have a painless solution to this, I think, is fantasy. There are a lot of risks out there but the one thing I can be reasonably certain of is we won’t get through this whole issue without some pain.”
“A credible framework to set federal fiscal policy on a stable path -- for example, one on which the ratio of federal debt to GDP eventually stabilizes or declines -- is thus urgently needed to ensure longer-term economic growth and stability”
…the “key part” of the deficit is“government social benefits to persons.”
“Two percent is going to be our normal for now. “What is going to be the key factors in the long-term productivity outlook is innovation. I think there are types of things out there we can have no insight into.”
(during his tenure as Fed chairman one of his main tenants of 'why' we could continue with the growth levels that were being experienced was due to the 'new paradigm' of productivity gains - that did not quite pan out!....so here he is right back pushing productivity as the key yet having no idea where that might come from!)
December 2012
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