''Reducing U.S. long-term deficits will inevitably cause economic pain, former Federal Reserve Chairman Alan Greenspan said.
“The presumption that we’re going to have a painless solution to this, I
think, is fantasy,” Greenspan said today during a “Bloomberg
Surveillance” television interview with Tom Keene
and Sara Eisen. “There are a lot of risks out there but the one thing I
can be reasonably certain of is we won’t get through this whole issue
without some pain.”