The U.S. faces twin fiscal challenges with more than $600 billion of spending cuts and tax increases scheduled to hit at the beginning of next year, threatening to send the economy into an austerity-induced recession, even as rising long-run deficits may prove unsustainable.
December 06, 2012 at 12:00 AM
1 minute read
Reducing U.S. long-term deficits will inevitably cause economic pain, former Federal Reserve Chairman Alan Greenspan said Thursday.
“The presumption that we’re going to have a painless solution to this, I think, is fantasy,” Greenspan said in a Bloomberg TV interview. “There are a lot of risks out there but the one thing I can be reasonably certain of is we won’t get through this whole issue without some pain.”
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