Economic growth won’t last as the U.S. labors under the burden of growing entitlement programs and weakness around the world, former Federal Reserve Chairman Alan Greenspan warned on CNBC.
The central bank chief warned that Social Security, Medicare, and other programs are already limiting otherwise solid gains in the past few years.
“I think the real problem is over the long run we’ve got this significant continued drain coming from entitlements, which are basically draining capital investment dollar for dollar,” he told CNBC’s Sara Eisen during a “Squawk on the Street” interview.
“Without any major change in entitlements, entitlements are going to rise. Why? Because the population is aging. There’s no way to reverse that, and the politics of it are awful, as you well know,” Greenspan added.
So, what do Democrats do? They extend Medicare to people who aren’t poor and give healthcare subsidies to people who can pay for them. Why? They do it to get votes and fulfill their ideological warehouse, irrespective of the consequences.
THE AGE OF THE KNOW-NOTHINGS
If you are a member of the New Democratic Party, you go further and attempt to pay everyone’s (including people here illegally) dental, medical care, and much more and claim that it is somehow cheaper than what we do now.
You don’t stop there, of course, you go on to offer free college, free pre-school, free childcare, free stuff all over the place as you confiscate the wealth of the rich and then the middle class until you run out of other peoples’ money.
The problem with the New Democratic Party is they know nothing while pretending they know it all. Look at Mad Max trying to corner bank CEOs, asking them what they will do about student debt. She didn’t even know that Barack Obama stopped them from loaning to students ten years ago.
Obama nationalized student loans and she chairs the committee that regulates the banks.
This is the Democratic Chair of the powerful House Financial Services Committee. They should be embarrassed.