Capstone:Former Federal Reserve Chairman Greenspan exposed the biggest worry, inflation negative deficit high start!


2020-09-11 15:21      from:Capstone    author:Jeff

Capstone:On Thursday, former Fed Chairman Alan Greenspan said his biggest economic concerns in the United States were inflation and budget deficits. It was his first television interview since the outbreak in March.

Speaking of viruses, Greenspan said, "we know very little, so we pretend to be a lot."

On the issue of the budget deficit, he said, the federal government's spending imbalance was "out of control.". The federal budget deficit reached a record $3 trillion in August, a by-product of increased government spending to help the economy weather the epidemic. "We have to deal with the runaway budget deficit," Greenspan said For a long time, Greenspan has bemoaned the additional inadequacy of major welfare expenditures such as social security, Medicaid and Medicare. As the number of Americans retiring and receiving benefits increases, "we may have underestimated the size of the budget deficit in the future," he said

Greenspan said the increase in government subsidies also created a demand for funds, which affected the market. "Unfortunately, my overall view is that the outlook for inflation is negative. Inflation is mainly the result of a sharp increase in government subsidies that has squeezed out private investment and productivity growth, which is slowing to about 1% a year. " Greenspan added: "on the whole, my main concern is inflation. Obviously, so far there have been no obvious problems, but I think that's where our problems lie

He also said the Fed is doing well, given the uncertainty surrounding the coronavirus. "They are really dealing with unknown problems. We can only guess, we can only assume that We'll learn something, but it's not enough to really understand the forces that lead to stock, bond prices, or similar prices. " Greenspan said. "I think as far as I can judge, things are going well there," he said But Greenspan did not directly comment on what he called the "average inflation targeting" policy. "I don't want to get involved in these things and I don't want to get involved in them," he said

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