Alan Greenspan
Alan Greenspan
Alan Greenspanis an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. First appointed Federal Reserve chairman by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position...
NationalityAmerican
ProfessionEconomist
Date of Birth6 March 1926
CityNew York City, NY
CountryUnited States of America
Large deficits will result in rising interest rates and an ever-growing ratio of debt service to GDP (gross domestic product),
Lower budget deficits are the surest and most direct way to increase national saving. Higher national saving would help to lower real interest rates, spurring spending on capital goods so as to put cutting-edge technology in the hands of more American workers,
is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years.
Faster economic growth, doubtless, would make deficits far easier to contain. But faster economic growth alone is not likely to be the full solution to currently projected long-term deficits.
There is a limit to how long and how far deficits can be sustained,
The changes in the budget outlook over the past several years are truly remarkable, ... We need to resist those policies that could readily resurrect the deficits of the past and the fiscal imbalances that followed in their wake.
It is possible to get markets which are too tight, which create inflationary imbalances and ultimately undercut the recovery,
I thought that the initiative that the Senate produced was very important and very effective,
It has been an extraordinary privilege to be able to serve my country at the Federal Reserve, and I would be honored if the Senate saw fit to enable me to continue this association for another four years,
It is becoming increasingly difficult to deny that something profoundly different than the postwar business cycle has emerged in recent years,
Our judgment is that the level of consumption growth...will slow down, and the dramatic expansion in capital investment will slow down, ... Something will eventually change the pattern, but there are a number of different ways that can happen.
While actual CPI inflation has picked up this year, this rise has not been mirrored uniformly in other broad price measures,
Over the past decade, the U.S. economy has benefited from a remarkable acceleration of productivity. But experience suggests that such rapid advances are unlikely to be maintained in an economy that has reached the cutting edge of technology.
Over the last few months, these forces have taken their toll on activity, and evidence has accumulated that the economy has hit a soft patch,