Greenspan disgusted with American youth
That’s according to former Federal Reserve Chairman Alan Greenspan.
Well, kind of.
In an interview with Globalist this week, Greenspan lashed out against the American youth of today, telling reporters that the younger workforce in the country does not match up to the “baby boom” generation of the good old days.
“They are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades,” says Greenspan.
The former Fed man adds that the average income of households in the States headed by those 25 years old and younger had been declining compared to the average income of yesteryear.
Greenspan was 25 back in 1951 when he worked for a think-tank in New York City. Before turning 30 he was chairman and president of his own economic consulting firm, Townsend-Greenspan & Co., Inc., where he stayed for over three decades before being appointed to chairman of the Federal Reserve.
Last year, 19.1 percent of 16- to 24-year olds were unemployed, according to the US Bureau of Labor Statistics. The rate in 1950? Only 9.6 percent.
Speaking to the Globalist, Greenspan adds that the US would be better off if they just hiring skilled immigrants to churn out the hard work that Americans aren’t doing.
“Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States,” says Greenspan.
He adds that his take would be to give out green cards to every immigrant that gets an advanced degree in the United States.
Don’t worry, though. Old Man Greenspan realizes that that could post a problem, but only a small one.
“The proportion of those people who will be terrorists is minuscule. That would have a major positive economic impact,” he adds.