Posted By RichC on June 3, 2011
At age 85, former Federal Reserve Chairman Alan Greenspan talked candidly with the CNBC hosts this morning about the looming “debt ceiling” debate and more importantly our country’s lack of unity in addressing our deficit spending. Interestingly he is currently supporting some increases in taxes as a compromise realizing that in a divided government one often has to accept give and take to address our problems. (interview and CBNC article here or video below)
He also endorsed the deficit cuts from Rep. Paul Ryan (R.-Wisc.) that have run into strong opposition due to targeting Medicare and Medicaid.
"If I had my own way, I like the Ryan budget in all respects and I think that essentially that sort of thing is what I would vote for if in fact we’re voting," he said. "But the problem essentially is that is not going to get a majority vote in Congress or be signed by the president of the United States. The question is, what’s my fallback position?"