Federal Reserve Report on Economy
The committee heard testimony from the chairman of the Federal Reserve on the state of the U.S. economy. Mr. Greenspan said the… read more
The committee heard testimony from the chairman of the Federal Reserve on the state of the U.S. economy. Mr. Greenspan said the economy is likely to “strengthen moderately” by the end of 1993, but said economic business is “dull” and unemployment would remain above 7 percent until 1993. He warned against using fiscal manipulations to strengthen the economy, and advocated a reduction in the capital gains tax rate to boost investment. Members of the committee were skeptical of Mr. Greenspan’s optimistic predictions, citing his incorrect January 1992 prediction that the economy would improve in the second quarter of 1992. close
*The transcript for this program was compiled from uncorrected Closed Captioning.
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