Former Fed Chair Alan Greenspan says the US is entering a period of slow economic growth on lowered productivity
Fed ChairAlan Greenspan told Bloomberg that the US is entering a period of slowing economic growthdue to a decrease in productivity.
- The aging of the population and an increase in social security benefits is contributing to this productivity slowdown, he said.
- "I'm very much concerned about this and I don't know how we're going to get out of it very quickly," Greenspan said.
Alan Greenspan told Bloomberg on Wednesday that
"Productivity in the most recent data is at 1% a year. That is down very significantly from earlier periods and it's beginning to show up in ways which suggest the intermediate period ahead of us is going to be a period of slow economic growth," the former chairman of the
"If you curtail gross domestic savings, you will also curtail gross domestic investments, which is the key to economic growth, because fundamentally it generates all of the economic activity that we get in the capital good
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