It's become a ritual that when Alan Greenspab testifies before Congress, while Democrats and Republicans alike gently stroke Greenspan's fur, Cong. Bernie Sanders (I-Vt.) takes on the nonsense that Greenspan spouts. Bernie shows just how out of touch Greenspan and the Demopublicans who sing his praises are out of touch with the central economic realities.
Here's an excerpt from the latest round:
2-18
http://bernie.house.gov/statements/20050218170713.asp(This is public domain)
Sanders:Let's talk about some real crises facing the American people today.
The health care system is clearly disintegrating. We're the only country in the industrialized world without a national health care program. We pay the highest prices in the world for prescription drugs.
We have children sleeping out on the streets of America today.
We don't give our veterans the benefits that we promise them.
Our middle class in general is in a state of collapse, with millions of workers working longer hours for lower wages. There's been an increase in poverty. The gap between the rich and the poor is growing wider, and the richest 1 percent own more wealth than the bottom 90 percent.
Now, Mr. Greenspan, representing the CEOs of America and the wealthiest people of America, you consistently come in here every year and you tell us how great the economy is doing, and you tell us how great unfettered free trade is. So that's the crisis I want to talk about. Talk about unfettered free trade that you have been supporting for years.
We now have a record-breaking trade deficit of $618 billion. We have a trade deficit with China alone of $160 billion, which has gone up by 30 percent in the last year. There are economists who tell us that trade deficit is going to go up and up and up. People who go Christmas shopping understand that when they walk into a store virtually everything on their shelves is made in China now.
You have the heads of large information technology companies in America who basically are telling us, "Hey, we ain't going to have information technology in America, no long white collar jobs, because in 10 or 20 years China is going to be the information technology center of the world."
Economists tell us we have lost millions of decent-paying jobs. We have lost 16 percent of our manufacturing sector in the last four years alone, and we're going to lose more and more white collar jobs to China. And yet year after year people like you come here, "Oh, unfettered free trade, it's just great."
Question, Mr. Greenspan: After record-breaking trade deficits, the loss of blue collar jobs, the beginning hemorrhaging of white collar information technology jobs, the understanding that if we don't change things China is going to be the economic superpower of this world in the next 15 or so years, have you rethought your views on unfettered free trade?
GREENSPAN: All I can say to you, Congressman, is that in spite of the forecasts of the economists that you're citing, of which I can find a whole slew who will report exactly the opposite, we have nonetheless created the highest standard of living of the major industrial economy in this world.
SANDERS: Really?
GREENSPAN: We have.
SANDERS: Really?
GREENSPAN: That's what the facts are.
The question of increasing globalization, for which the trade deficit is a symptom, is something we should be pleased about, not concerned about, because a considerable amount of our real wealth creation, our real income creation for a broad spectrum of our society, even including the problem which I happen to agree with on the issue of undesirable increase in concentration, despite that, we still have the most prosperous nation in the world.
SANDERS: Mr. Greenspan, are you telling us that we should see as a positive thing a record-breaking $618 billion trade deficit and the loss of 3 million manufacturing jobs in the last four years? That's a positive thing?
GREENSPAN: Our unemployment rate is 5.2 percent.
SANDERS: But the new jobs that are being created are low-wage jobs with minimal benefits, and we're losing our good-paying jobs.
GREENSPAN: That is not factually correct, Congressman.
SANDERS: Really?
GREENSPAN: I'm sorry. That is not what the facts are.
SANDERS: Well, you tell -- you know, maybe, Mr. Greenspan, one of the problems we have is you talk to CEOs, I talk to working people. And what working people tell me is they are losing good-paying jobs, parents are worried about the fact they're sending their kids to college now for information technology jobs -- those jobs are going to China -- you're telling me we're creating good-paying jobs with good benefits?
GREENSPAN: I'm telling you...
SANDERS: I don't believe that.
GREENSPAN: ... that I don't listen to the anecdotal stuff by itself; I look at the statistics. And the statistics tell us that we are getting job expansion fairly much across the board...
SANDERS: You're not worried about the loss of 3 million manufacturing jobs...
OXLEY: The gentleman's time has expired.
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