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10:01am 02/25/04 Greenspan urges action on federal deficits
WASHINGTON (CBS.MW) -- Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to take the long view and act now to reduce the mounting federal debt.
Greenspan said running federal deficits is wise and necessary for the next year or two to support the fledgling economic recovery.
But deficits in the long run could retard U.S. economic growth, he warned.
The aging Baby Boom generation will begin retiring in just four years, the beginning of a long process that could boost government spending for retirement and health security programs, Greenspan told the House Budget Committee.
Greenspan suggested that changes be made in Social Security to limit cost-of-living increases and perhaps to adjust the retirement age.
Greenspan urges action on deficits
By Rex Nutting, CBS.MarketWatch.com
Last Update: 10:02 AM ET Feb. 25, 2004
WASHINGTON (CBS.MW) -- Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to take the long view and act now to reduce the mounting federal debt.
Greenspan said running federal deficits is wise and necessary for the next year or two to support the fledgling economic recovery. But deficits in the long run could retard U.S. economic growth, he warned.
If Congress allows deficits to grow, the interest payments on the debt would create even larger deficits.
"The resulting rise in the federal debt could drain funds away from private capital formation and thus over time slow the growth of living standards," he said.
The aging Baby Boom generation will begin retiring in just four years, the beginning of a long process that could boost government spending for retirement and health security programs, "demands we almost surely will be unable to meet unless action is taken," he said.
"I believe a thorough review of our spending commitments -- and at least some adjustments in those commitments -- is necessary for prudent policy," Greenspan told the House Budget Committee in prepared testimony.
"I certainly agree that the same scrutiny needs to be applied to taxes," he said, adding that most of the adjustment should come "from the outlay side."
Greenspan suggested that changes be made in Social Security to limit cost-of-living increases and perhaps to adjust the retirement age.
"We will certainly have no choice but to make significant structural changes in the major retirement programs," he said.
Forecasting growth in Medicare is more difficult, he said. But he said new technologies will undoubtedly increase spending on health care.
WASHINGTON (CBS.MW) -- Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to take the long view and act now to reduce the mounting federal debt.
Greenspan said running federal deficits is wise and necessary for the next year or two to support the fledgling economic recovery.
But deficits in the long run could retard U.S. economic growth, he warned.
The aging Baby Boom generation will begin retiring in just four years, the beginning of a long process that could boost government spending for retirement and health security programs, Greenspan told the House Budget Committee.
Greenspan suggested that changes be made in Social Security to limit cost-of-living increases and perhaps to adjust the retirement age.
Greenspan urges action on deficits
By Rex Nutting, CBS.MarketWatch.com
Last Update: 10:02 AM ET Feb. 25, 2004
WASHINGTON (CBS.MW) -- Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to take the long view and act now to reduce the mounting federal debt.
Greenspan said running federal deficits is wise and necessary for the next year or two to support the fledgling economic recovery. But deficits in the long run could retard U.S. economic growth, he warned.
If Congress allows deficits to grow, the interest payments on the debt would create even larger deficits.
"The resulting rise in the federal debt could drain funds away from private capital formation and thus over time slow the growth of living standards," he said.
The aging Baby Boom generation will begin retiring in just four years, the beginning of a long process that could boost government spending for retirement and health security programs, "demands we almost surely will be unable to meet unless action is taken," he said.
"I believe a thorough review of our spending commitments -- and at least some adjustments in those commitments -- is necessary for prudent policy," Greenspan told the House Budget Committee in prepared testimony.
"I certainly agree that the same scrutiny needs to be applied to taxes," he said, adding that most of the adjustment should come "from the outlay side."
Greenspan suggested that changes be made in Social Security to limit cost-of-living increases and perhaps to adjust the retirement age.
"We will certainly have no choice but to make significant structural changes in the major retirement programs," he said.
Forecasting growth in Medicare is more difficult, he said. But he said new technologies will undoubtedly increase spending on health care.
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Greenspan vai falar e aqui estão as headers...
10:00am 02/25/04 GREENSPAN SAYS SPENDING MUST BE REDUCED
10:00am 02/25/04 GREENSPAN URGES ACTION ON FEDERAL DEFICITS
10:00am 02/25/04 GREENSPAN MAKES NO COMMENTS ON MONETARY POLICY
10:00am 02/25/04 GREENSPAN SUGGESTS CUTTING SOCIAL SECURITY BENEFITS
10:00am 02/25/04 GREENSPAN: FEDERAL DEFICITS COULD RETARD U.S. GROWTH
10:00am 02/25/04 GREENSPAN URGES ACTION ON FEDERAL DEFICITS
10:00am 02/25/04 GREENSPAN MAKES NO COMMENTS ON MONETARY POLICY
10:00am 02/25/04 GREENSPAN SUGGESTS CUTTING SOCIAL SECURITY BENEFITS
10:00am 02/25/04 GREENSPAN: FEDERAL DEFICITS COULD RETARD U.S. GROWTH
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