Economy Fading on Entitlement Burden

460px Alan Greenspan IMF 116greenspan2lgAlan Greenspan says economy will fade ‘very dramatically’ because of entitlement burden -CNBC
"Economic growth won’t last as the U.S. labors under the burden of growing entitlement programs and weakness around the world, former Federal Reserve Chairman Alan Greenspan told CNBC....

'I think the real problem is over the long run, we’ve got this significant continued drain coming from entitlements, which are basically draining capital investment dollar for dollar,' he told CNBC's Sara Eisen during a 'Squawk on the Street' interview. 'Without any major change in entitlements, entitlements are going to rise. Why? Because the population is aging. There's no way to reverse that, and the politics of it are awful, as you well know,' Greenspan added....The economy 'is going to begin to fade out because Europe is not doing well and we still have a problem where there's a very substantial fiscal problem associated with entitlements.'"