Posted by John Irons at November 06, 2003 03:43 PM

Alan Greenspan is not so keen on current economic policy...

Greenspan: Odds favor job growth, worries about deficit - Nov. 6, 2003

"Recent budget deliberations are not encouraging," he said. "The current debate appears to be about how much to cut taxes or how much to increase spending. No significant constituency seems to support taking the actions that will be necessary to move toward, and one hopes achieve, budget balance."

Greenspan warned that, as Baby Boomers begin to retire and draw down Social Security and Medicare payments within the next decade, the budget picture will get considerably worse, if current tax and spending policies are maintained.

"Such a development could have notable, destabilizing effects on the economy," he said.