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Generational Dynamics Web Log for 25-Sep-05

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Fed Chairman Alan Greenspan says that the deficit is out of control

Fed Chairman Alan Greenspan says that the deficit is out of control

France's Finance Minister Thierry Breton quoted Greenspan as saying on Saturday that the U.S. had "lost control" of the budget deficit.

"'We have lost control,' that was his expression," said Breton, after meeting with the outgoing chairman of the U.S. Federal Reserve.

"The United States has lost control of their budget at a time when racking up deficits has been authorized without any control (from Congress)," Breton said.

"We were both disappointed that the management of debt is not a political priority today," he added.

Greenspan was probably reacting to the plan for the Federal Government to pay two million dollars per family in aid for hurricane Katrina victims. Maybe that amount will increase, now that hurricane Rita has struck.

A senior US official suggested the French minister must have misunderstood Mr Greenspan’s remarks. “Things can get lost in translation,” the official said. (25-Sep-05) Permanent Link
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