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View Diary: Open Source Research Project: Alan Greenspan (284 comments)

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  •  Greenspan: Deficits Haven't Hurt Economy (none)
    Greenspan: Deficits Haven't Hurt Economy

    Federal Reserve Chairman Alan Greenspan said ballooning trade deficits have not hurt the U.S. economy so far...

    [SNIP]

    Greenspan said that the current account deficit, the country's broadest measure of trade, is running at a level equivalent to 5 percent of total U.S. economic output. That is far above the previous record level of 3.5 percent set in 1986. In dollar terms, the current account trade deficit hit a record of $480 billion last year and is on track to be well above that mark this year.

    Despite this increase, Greenspan said there was "little evidence of stress in funding" the deficit by borrowing from foreigners.

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