Former Federal Reserve Chairman Alan Greenspan was there with Henry Paulson, Treasury secretary under President George W. Bush to discuss the chief political issues on NBC’s Meet the Press on Sunday.
The economic heavy weights were giving their version of economic situation and Alan Greenspan added that it is quite hard to say that unemployment is coming down and very likely unemployment rates will remain high in United States for years.
In the wake of government’s report of last week that there were twenty thousand jobs lost in January despite the fact that unemployment rate has come down to 9.7 from double figure 10 percent. Obama administration has called for new taxes to boost the economy and the House has passed a $154 billion package and House is aiming at taking up a jobs bill in this week.
Alan Greenspan has added that we must recognize the fact that we have to go tough and only raise in taxes will not revive the economy.
On the question of recession, Alan Greenspan said that recession is over and it was bottomed out in 2009. Greenspan further added that picture about what kind of job creation Obama administration will bring in to reinvigorate the economy is not clear as we do not know from where these jobs will be generated and we are equally unaware of the fact that how this market is moving forward and ultimately private sector has to come forward to create jobs.
Allan Greenspan further said that if U.S let the deficit grow then at one point we will lost our ability to borrow. He suggested that it is evident from the history that when great powers come under the fiscal problems, they remain no more great powers.
Alan Greenspan
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