Friday, November 27, 2020
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Monkey-face Throws a Monkey Wrench

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Just as the President's commission on government debt gets going, and showing a suspicious co-ordination with the growing Republican-Wall Street campaign to curtail federal debt and wring more money from Main Street in preference to mounting a new attack to stimulate job growth, up pops Alan Greenspan with another piece of sage advice.  According to Bloomberg the former Federal Reserve Chair (1987-2006) testified at a Financial Crisis Inquiry Commission in Washington, that the U.S. may soon face higher borrowing costs (i.e., interest payments) on its "swelling debt." Bloomberg also quoted from Greenspan's own article in The Wall Street Journal, where he stated
"The United States, and most of the rest of the developed world, is in need of a tectonic shift in fiscal policy... the federal government is currently saddled with commitments for the next three decades that it will be unable to meet in real terms.... (the) very severity of the pending crisis and growing analogies to Greece set the stage for a serious response."