Former Federal Reserve chairman Alan Greenspan said Wednesday the U.S. economy is already slowing down.
“Most forecasts that I’ve seen, which I find credible, show that while we are currently close to the 3% annual rate, we are not going to stay there,” he added.
Greenspan said the economy is moving from stagnation into “stagflation,” a damaging environment when inflation picks up and growth wanes.
“I don’t see how we get out of it,” without entitlement reform, Greenspan said.
He said the Trump tax cut and efforts to lower regulation on business are positive forces.
“If it wasn’t for those factors, we’d really be in the soup,” he said....