Greenspan Cautions on Baby Boomer Benefits
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Federal Reserve Chairman Alan Greenspan said Friday that the country will face "abrupt and painful" choices if Congress does not move quickly to trim the Social Security and Medicare benefits that have been promised to the baby boom generation.
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Rising pressure on US finances from an aging population make it vital quickly fix the social safety net with such steps as raising the age for full retirement benefits, Federal Reserve Chairman Alan Greenspan said on
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Federal Reserve Chairman Ben  Bernanke on Wednesday warned lawmakers that as the country's  baby boomer generation ages, funding shortfalls to government  programs such as Medicare and Social Security will create an  unsustainable fiscal situation.
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Former U.S. Federal Reserve Chairman  Alan Greenspan said on Wednesday he feared a &quot;dramatic  contraction&quot; in Chinese stocks but said the global economy may  be able to shrug off a drop in asset prices.
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Former Federal Reserve chairman Alan  Greenspan was quoted as seeing a "one-third probability" of  recession in the United States this year, according to an  interview with Bloomberg.
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Former Federal Reserve chairman Alan Greenspan warned yesterday that the US economy might slip into recession by year's end.
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Investors' appetite for U.S. assets  will eventually dwindle and the United States must reduce its  budget deficit to prevent major economic damage, Federal  Reserve Chairman Alan Greenspan said on Friday, in remarks that  hit the dollar hard.
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HONG KONG -- Former U.S. Federal Reserve Chairman Alan Greenspan warned Monday that the American economy might slip into recession by year's end.
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Rising pressure on U.S. finances from an aging population make it vital quickly fix the social safety net with such steps as raising the age for full retirement benefits, Federal Reserve Chairman Alan Greenspan said on Friday.
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GREAT FALLS, Mont.  - President Bush warned on  Thursday that retirement benefits for younger workers were at  risk and conceded he faced a battle in Congress to win over  skeptics of his plan to remake the 70-year-old Social Security  system.
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TOKYO -- Former US Federal Reserve chairman Alan Greenspan said yesterday that he didn't think an economic downturn in his country was "probable," toning down his earlier warning over a recession later this year.
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(InfoWorld) - Former Federal Reserve chairman Alan Greenspan is hitting the airwaves promoting his new book, but his comments in recent interviews about the possibility of a recession might be scarier to IT folks than anything in the new tome. Greenspan, who has become a Federal Reserve chairman emeritus of sorts, might be more objective now that he is out of his federal role. He told the Wall Street Journal yesterday that he thought the probability of a recession is "slightly more than a third," up from merely a third, as he put it earlier this year. For IT professionals and CEOs of major software and hardware vendors, the prospect of a recession any time soon is downright daunting, given that memories of the 2001-2002 dot-com bust are still fresh. If housing price declines and the troubles with home mortgage lenders precipitate a longer economic downturn in the next year, the effect could roughly halve the 12-year cycle many economists track for upturns and downturns, some observers noted yesterday. "I'm certainly concerned with the housing downturn," said IT market analyst Jason Sajko, who studies government spending on IT for consulting firm Input. "But I don't see that creating something like what we felt in 2001 and 2002 so soon after then. I don't think we'll see an impact of that magnitude." Sajko and Input do frequent analysis of federal, state, and local spending on IT products and services. A month ago, Input said it was still projecting strong growth in state and local government spending in the United States on IT products and services into 2012, increasing from $43.9 billion in 2007 to $67.2 billion in 2012. That analysis was able to track the impact of the general economy, including the news in the last six months over housing market problems. In a small update to that analysis yesterday, Sajko said that state and local governments are also beginning to use a new catalog of IT vendors and prices called Schedule 70 provided by the U.S. General Services Administration. The GSA provides the catalog as a resource to thousands of state and local IT purchasing managers, Sajko explained. For Schedule 70, growth in IT spending among local and state governments will increase nearly 25 percent a year to 2012, exceeding $1 billion. While $1 billion is a small portion of the total spending in that category, it shows primarily a shift in the way spending will be done, not so much the overall level of spending related to the larger IT economy, Sajko said. Still, state and local spending on IT can be seen as a "more stable" area for IT spending in coming years than others, Sajko said. Several CEOs in recent days have said in interviews with Computerworld that they are carefully watching the direction of the general economy. They said they learned from the dot-com bust to adapt their products to the most successful market segments in order to weather downturns. For example, Maria Ligeti, CEO of startup React Systems in Roseville, Calif., said yesterday she has profited from observing the IT industry's upturns and downturns in Silicon Valley for more than 20 years while working in various roles. A new product and service her company is launching soon in emergency communications will be marketed to several vertical industry segments. She said the offerings have been fostered over several months by early adopters, she said. "We think we'll be somewhat immune" if there's a downturn, she said with confidence.
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NEW YORK, August 27 (New Ratings) - Federal Reserve Chairman, Alan Greenspan, has reportedly called for immediate initiatives for adjustments to the US pension benefits system.
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Risks of a recession have increased, but the Federal Reserve must be cautious in supporting the economy because global forces that have kept inflation in check are receding, former Fed Chairman Alan Greenspan said on Monday.
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This year's surge in energy prices is likely to have far less of an impact than the oil shocks of the 1970s, Fed Chairman Alan Greenspan said today.
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Former Federal Reserve Chairman Alan Greenspan said in an interview published on Sunday that the U.S. housing slump is likely to deepen more than many analysts expect, recording as much as a double-digit drop.
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JACKSON, Wyo. - Federal Reserve Chairman Alan Greenspan said Friday that the country will face "abrupt and painful" choices if Congress does not move quickly to trim the Social Security and Medicare benefits that have been promised to the baby boom generation...