CNBC - Alan Greenspan: Economy will start to fade very dramatically
Article by Jeff Cox in CNBC financial
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 told CNBC.
"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.
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