Breaking News

Greenspan: Employment Will Begin to Grow

March 11, 2004
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON (AP) -- Federal Reserve Chairman Alan Greenspan said Thursday that "employment will begin to increase more quickly before long," and that erecting protective trade barriers was not the answer to the nation's current worries about the loss of jobs to foreign competition.

Wading into the hot-button political issues of job losses and Social Security, Greenspan said that erecting protectionist barriers was not the answer to foreign competition and that Congress would at some point have to address the problem of the pending retirement of 77 million baby boomers. He repeated his warning that Congress will have to trim future Social Security benefits.

Greenspan, in response to a question from Democratic presidential candidate Rep. Dennis Kucinich, D-Ohio, said that the government cannot afford to meet all the promises in Social Security and Medicare that have been made to future retirees.

"We do not have enough in real resources to meet the promises that have already been made. We will not be able to fully meet the benefits to the next generation, the baby boomers that are retiring," Greenspan said.

"We have to construct a pattern that the benefits we do promise will be delivered rather than have these people retire in very large numbers and find out that they were betrayed by government," Greenspan said.

Greenspan's comments about the need to trim retirement benefits provoked a firestorm of criticism when he made them last month, with critics charging that Greenspan was urging benefit cuts at the same time that he was urging that President Bush's tax cuts be made permanent.

Greenspan did say on Thursday that he believed some tax increases would be needed to bolster Social Security because the funding gap was so large that it could not be closed entirely by trimming benefits. But he said Congress should start with benefit reductions before moving to tax increases because higher taxes would act as a drag on economic growth.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2013 Experience Convention & Trade Show

A look back in photos at the 2013 Experience Convention & Trade Show in Las Vegas.

THE MAGAZINE

ICS Cleaning Specialist Magazine

cover_image

2014 April

Take a look at the April 2014 issue with features on air movers, going green, carpet cleaning and new products & technologies.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo