Interest Rates, Wages, Employment, and Inflation
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Produktbeschreibung
Excerpt from Interest Rates, Wages, Employment, and Inflation: Hearing Before the Committee on the Budget, House of Representatives, One Hundred Third Congress, Second Session, June 22, 1994 The committee met, pursuant to call, at 10:05 a.m., Room 210, Cannon House Office Building, Hon. Martin Olav Sabo, Chairman, presiding. Members present: Representatives Sabo, Wise, Stenholm, Frank, Orton, Pomeroy, Browder, Kasich, McMillan, Shays, Snowe, Smith of Texas, Cox, Allard, Hobson, Lazio, Smith of Michigan, Inglis and Hoke. Chairman Sabo. The committee will come to order. Today, we are meeting with the Chairman of the Federal Reserve Board, Alan Greenspan, to discuss the current state of the economy with special emphasis on the relationship between interest rates, wages, employment and inflation. As many of you know, we didn´t get a chance to hear from Chairman Greenspan during the regular course of our Budget Committee hearings this year because of scheduling problems, so we are very interested in what he has to say today. Mr. Greenspan, it appears from all indicators we are in the midst of a good solid economic recovery. The budget policies we passed last year appear to be working remarkably well. Looks like the deficit this year will be $85 to $95 billion below what it was just 2 years ago, and it is continuing on a downward path for the next 2 years. After that, it will depend on what we do with health care reform, but from all appearances the budget we passed last year is working better than we planned. We are also seeing remarkable improvements in productivity growth in the private sector. And in almost every segment of the economy it seems to be showing improvement. Nevertheless, we continue to have certain nagging problems. One that has particularly concerned me is the question of income polarization in this country. I have been concerned about that for several years. I suspect some folks may be getting tired of hearing me talk about it. I think it is a very fundamental problem we face. It was suggested to me over the years that once the economy improved and productivity improved that the problem would lessen. However, as I look at what is happening in the economy today we have a strong recovery and dramatic improvements in productivity, and the gap between high-income earners and low-income workers seems to be growing larger. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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