Alan Greenspan, former chairman of the Federal Reserve, said the global economy’s inability to produce goods and services efficiently is going to cripple the ability to pay for pensions and health programs for the elderly.
“We have a global problem of a shortage in productivity growth, and it is not only the United States but it is pretty much around the world,” he told Neil Cavuto at Fox Business. “Populations everywhere in the western world, for example, are aging and we're not committing enough of our resources to fund that.”
Productivity, the measure of hourly output per worker, has declined as businesses have slowed their investment in plant and equipment to boost efficiency. Meanwhile, the massive increase in private and public sector debt that has helped to boost the economy in the past is now dragging on growth .... http://www.newsmax.com
