Greenspan on Trump's Budget, Growth and Regulation - Bloomberg
On the impact of the increase in social spending as a % of GDP (10% increase) and its impact on less growth and good jobs (since savings is going into social spending not investment) VERY SIGNIFICANT.
Social benefit spending in the US having gone up at 9% per year since 1965. Slight slowdown in the increase recently but demographics (aging population) working against it.
To spur growth, social benefits need to be cut along with tax rates.
On Obama's rejection of bipartisan Simpson-Bowles and the unfortunate consequences.
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