Monday, November 9, 2009

Greenspan Says U.S Is Feeling Maximum Impact From Stimulus: Do The Unemployed Agree?

Speaking in Edmonton today, Alan Greenspan said that the U.S. is feeling the “maximum impact” now from the federal government’s $787B in fiscal stimulus.

If the maximum impact gives us 10.3% official unemployment and 17.5% real unemployment, imagine if this was not the "maximum impact".

He also said a rebound in house prices might help avert another wave of foreclosures. Sure, but just who will be buying houses or renewing mortgages when they come for rests if they are unemployed?

Greenspan said the U.S. needs to address the budget deficit: “Our capacity to sell U.S. Treasury issues was never in doubt because we had a very significant cushion between federal debt on the one hand and the capacity to borrow on the other.” “that cushion is narrowing,” “We are in a position where we have got to reign in” the national debt.

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