The WSJ has a story/interview with Alan Greenspan on the occasion of his new book.
He was right all along, he has discovered. This passage particularly caught my eye: "Mr. Greenspan's biggest revelation came one day about a year ago when he was playing with gross domestic savings numbers. What he found, to his surprise and initial skepticism, was that an increase in entitlements has closely corresponded to a decline in the country's savings. "We had this extraordinary increase in benefits, with each party trying to outbid the other," he says. "That practice has been eroding the country's flow of savings that's so critical in financing our capital investment." The decline in savings has been partly offset by borrowing from abroad, which brings us to our current foreign debt: "$5 trillion and counting," he says." Pretty much the same as the incredible insight Mitt Romney had as the bartender filmed him. full article at: http://online.wsj.com/news/articles/SB10001424052702304410204579139900796324772?mod=trending_now_4 Gene _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
