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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (487995)	11/6/2003 10:23:45 AM
From: JDN	Read Replies (1) \| Respond to of 769667

Dear Kenneth: Here is something from Greenspan from right here in my hometown, ought to make you happier. jdn Greenspan Upbeat About Job Growth Warns of Long-Term Threats From Budget Deficits By MARTIN CRUTSINGER, AP WASHINGTON (Nov. 6) - Federal Reserve Chairman Alan Greenspan delivered an upbeat assessment of economic prospects, saying Thursday the odds ''increasingly favor'' a revival in job growth. AP However, he also warned about long-term threats posed by the soaring federal budget deficit. If that red-ink problem is not brought under control by the time Baby Boomers start retiring, it could have ''notable, destabilizing effects'' on future growth prospects, he said. In the debate over how to fix the deficit problem, Greenspan sided with President Bush and the Republicans, who argue that government spending should be cut to deal with the deficit rather than raising taxes. On the economy, Greenspan cited a number of favorable recent developments pointing to stronger economic growth and said that even the job market, which has continued to shed jobs this year, seems to be finally turning around. ''The odds ... increasingly favor a revival in job creation,'' Greenspan said in a speech to the Securities Industry Association. He cited such hopeful signs as the need of businesses to replace inventories, which have dropped to extremely low levels, given the strong buying spree consumers went on during the third quarter. · Discuss: Economy \| Rates · How Rates Affect You The Federal Reserve has left a key short-term interest rate it controls at a 45-year low of 1 percent and Greenspan repeated on Thursday assurances that the central bank will not feel the need to quickly start raising interests rates at the first signs of economic growth. Greenspan said that unlike earlier recovery periods, inflation pressures are still non-existent. ''In these circumstances, monetary policy is able to be more patient,'' Greenspan said in remarks delivered by satellite to the securities conference in Boca Raton, Fla