Greenspan on Heath Care Costs: Severe Consequences if CBO is Wrong
Former Fed Chairman Alan Greenspan told me the probability that the CBO was too rosy in its projections of health care costs is “much higher than we would like”.
“You have to ask yourself, ‘What happens if we are wrong?’”, Greenspan said in my exclusive “This Week” interview. The consequences, he ominously warned, “are very severe”.
TAPPER: The president signed massive health care reform legislation into law a few weeks ago. You have expressed concern about the legislation, as it was making its way through the process, about whether or not it did enough to contain costs. What did you think about the final legislation? Does it contain costs enough?
GREENSPAN: Well, the CBO, incidentally, Congressional Budget Office, which is really a first-rate operation, says that it does. The problem is not their estimates, but the range of potential error in those estimates.
And when you’re dealing with an economy in which debt is becoming — federal debt is becoming ever increasingly a problem, it strikes me that when you’re dealing with public policy and you’re in a position where you have to ask yourself, “What happens if we are wrong?”
(Excerpt) Read more at blogs.abcnews.com
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