Alan Greenspan: Entitlement Spending Is ‘the Most Serious Problem Confronting Us’
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RUSH EXCERPT:
PERINO: “Entitlement spending. We’ve talked about it for a long time in this country. I read it again this morning. You conclude one of the things in your conclusion is that we have to deal with this issue. How serious is it?”
GREENSPAN: “It’s the most serious problem confronting us. Congressional bug office, for example, shows a significant opening up of the deficit. And fiscal 2019 is gonna be a very large number deficit. We’ve gone correctly in handling the spending side, but we’ve done nothing with the fact that there is double entry bookkeeping. You cannot keep a deficit going without consequences. There are no immediate political consequences of deficits because as far as the Congress is concerned, if nothing is happening, then it’s not important. But the real problem as we open up the deficit, ultimately it will be funded and you will begin to get inflationary pressures.”
