Former Federal Reserve Chairman Alan Greenspan is either giving the viewing public a cranky old man performance, or the once highly regarded sage of economic matters and disciple of Ayn Rand really sees some structural problems in the overall economy of the United States.
On Sunday’s broadcast of NBC’s “Meet the Press,” Greenspan explained how the American economy will be transitioning from a “highly skilled, highly educated” workforce to an inferior one.
“As I watch what’s going on, we have to remember that over the next 10 years, we’re going to find that the baby boom generation – highly skilled, highly educated – is going to fade from the scene,” Greenspan said. “It’s going to be replaced by a generation who are now in school and creating grades which don’t make us look very good in the international spectrum.”
And when that happens Greenspan explained, that generation won’t be able to grow an economy at a pace needed to fund the entitlement programs which we have in place.
“This means we are probably dealing with an economy which isn’t growing fast enough or creating much real resources to fund the entitlement programs that we have already made,” Greenspan continued.
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4 comments:
Its Greenspan's delicate way of saying that our schools are producing a generation of idiots that can't read, write, or present a reasoned and well thought argument for anything except what option Facebook should start, or which nintendo game is the best. BUT, thanks to strong initiatives in education, they ALL feel really good about themselves. And that's the main thing --- not education, of course, but good self esteem. That is, until they apply for a job (perhaps in the Dayton police dept), when their lack of any skills only proves that its someone elses fault that they are dumb as rocks....you may not like it, but THATS the reality. Greenspan just doesn't give a crap whether you like it or not.
It's funny how it's the future generation and their inferior qualities that will make it hard to grow entitlement spending, and not the current generation who have allowed politicians to put a system into place that provides the baby boomers with a ton of expensive entitlements on the backs of future generations.
It ain't THAT funny....and those entitlements are on the chopping block as we speak. Thats why seniors are, as we speak, deciding between their heart medication or their groceries....
And nothing mentioned of the policies Greenspan himself presided over while he was in office. Of course he doesn't share any of the blame does he?
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