Former Governor of US Federal Reserve Alan Greenspan said that U.S. economy failed because of imitating the China’s way and US young people are lazy.
Greenspan admitted concerned with the US youth and the people in productive age that he was thought are lazy. Similarly, about the trade policies in his country, which he said was too emulate China. This statement he made in an article in The Globalist.
He said that America is walking upside related to policies to increase employment through trade policy. He said, the increased employment was due to increased trade. If the increase exceeds its capacity, will reduce the productivity and living standards.
“Obviously, this is not what we want. China did it and it makes them wrong, “he said, stating China deliberately lowering the value of its currency to do this. He felt, China hurt its economy and create the structure of long-term damage.
America needs to create jobs, Greenspan continued, leading to recruitment of low-paid labor and unproductive. They who are clever and not clever than its predecessor, is a bad thing for the US economy.
“Young workers who are replace, unfortunately, has a standard below average in international education over the last two decades,” Greenspan said. He even said that better for America to choose immigrants who are smarter and have more expertise.
“We need great skill to support the productive economy. Thus, the standard of living Americans can still grow, “he concluded.
