Alan Greenspan
Alan Greenspan
Alan Greenspanis an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. First appointed Federal Reserve chairman by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position...
NationalityAmerican
ProfessionEconomist
Date of Birth6 March 1926
CityNew York City, NY
CountryUnited States of America
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The capacity of workers, after being displaced, to find a new job that will eventually provide nearly comparable pay most often depends on the general knowledge of the worker and the ability of that individual to learn new skills,
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As I see it, heightened job insecurity ... explains a significant part of the restraint on (wages), and the consequent muted price inflation, ... Surveys of workers have highlighted this extraordinary state of affairs.
created economies evolving job meet skills urgent workers
This diminishing of opportunities for such workers is why retraining for new job skills that meet the evolving opportunities created by our economies has become so urgent a priority,
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The bottom line, however, is that, while immigration and imports can significantly cushion the consequences of the wealth effect and its draining pool of unemployed workers for awhile, there are limits,
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Despite the tightest labor markets in a generation, more workers report in a prominent survey that they are fearful of losing their jobs than similar surveys found in 1991 at the bottom of the last recession, ... The marked move of capital from failing to technologies to those at the cutting edge has quickened the pace at which job skills become obsolete.
continue pool workers
Should the pool of workers continue to shrink,
benefits declined excess extremely level number point ratio retirement security social value workers
The ratio of the number of workers contributing to social security to the number of beneficiaries has declined to the point where maintaining the annuity value of benefits on retirement at a level well in excess of accumulated contributions has become extremely unlikely.
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The rates of return on investment in the same new technologies are correspondingly less in Europe and Japan because businesses there face higher costs of displacing workers than we do, ... Moreover, because our costs of dismissing workers are lower, the potential costs of hiring and the risks associated with expanding employment are less.
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the pressure to enlarge the pool of skilled workers also requires that we strengthen the significant contributions of other types of training and educational programs, especially for those with lesser skills.
good moving pressures reasonably
Inflationary pressures will be reasonably well contained, so long as productivity is moving at a reasonably good clip,
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Indications that the extent of the application of existing technology is still far from complete, plus potential benefits derived from continuing synergies, support a distinct possibility that total productivity growth rates will remain high or even increase further,
avoiding business complete complexity containing current economic expansion extend recession responding
Indeed, our goal, in responding to the complexity of current economic forces, is to extend the expansion by containing imbalances and avoiding the very recession that would complete a business cycle,
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Indeed only such highly liquid portfolios would be consistent with (government-sponsored enterprises') mission of providing primary mortgage market liquidity during a crisis, particularly a financial crisis,
consistent financial highly liquid market mission mortgage primary providing
Indeed, only such highly liquid portfolios would be consistent with (government-sponsored enterprises') mission of providing primary mortgage market liquidity during a crisis, particularly a financial crisis,