We are all getting older, but some of us are getting older faster than others. Three news items last week highlighted the impact of changing demography on the world economy: the latest United Nations estimates of population change; some testimony from Alan Greenspan, chairman of the Federal Reserve Board, to the US Senate on the implications of aging.
Psssst, Greenspan Is Not God, Pass It On Forbes
US is graying, Greenspan warns Taipei Times
Toronto Star - Boston.com
Mr. Greenspan is not a god, right. But I think he is a man with a pragmatic view of the world and the platform to express his view. If you follow his public statements you'll see he speaks his mind with consideration to the politics of the then current administration. Lately though his public comments appear to be increasingly at odds with the Bush administration. His remarks seem to be warning signals to the US about current domestic fiscal problems, a bleak economic future if changes are not made, and what those changes should be. I think Mr. Greenspan is in his endgame and will not be back for another term and this is his way of giving us a path to return to financial growth and fiscal responsibility.
Or perhaps Mr. Greenspan has recognized this administrations "politics is war and winning is everything" motto combined with their discompassionate approach to managing the assets of the United States for now and into the future and he disagrees and has spoken up. I believe Mr. Greenspan when he says "large deficits matter". The right answer, as everyone knows, is to not have deficit spending at all! Paying back every deficit dollar spent includes interest which is real money that's taken out of our economy. When that happens It hurts everyone except the rich. The poor and the retired on fixed income are hurt the most and that simply is not the action of a compassionate or responsible government.
 1:21:25 PM Google It! comment
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