The ratio of the number of workers contributing to social security to the number of beneficiaries has declined to the point where maintaining the annuity value of benefits on retirement at a level well in excess of accumulated contributions has become extremely unlikely.
More Quotes from Alan Greenspan:
We cannot rule out a situation in which a preemptive policy tightening becomes necessary, ... Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.Alan Greenspan
The level of equity prices would appear to envision substantially greater growth of profits than has been experienced of late,
Alan Greenspan
Lower equity prices and higher financing costs should damp household and business spending, and greater uncertainty and risk aversion may also lead to more cautious spending behavior,
Alan Greenspan
I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
Alan Greenspan
We have a very special mission. We are in charge of the nation's currency and the central bank, because of that, is involved in everyone's daily lives. We are the guardians of their purchasing power.
Alan Greenspan
With production running well below sales, the lift to income and spending from the inevitable cessation of inventory liquidation could be significant,
Alan Greenspan
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