A fiscal problem (entitlements) and then a productivity problem

https://www.youtube.com/watch?v=v8mUYPc6TUI

Very interesting view on the long lived assets and entitlements by Alan Greenspan. Long lived assets have no value because of the uncertainty caused by entitlements growth: 30 years bonds, real estate etc have no value because of the fiscal problem... This fiscal problem is that entitlements grow mechanically 2 or 3 % above the GDP.

http://www.wsj.com/articles/the-mystery-of-declining-productivity-growth-1431645038

http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2016/2/cato-journal-v36n1-6.pdf

http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2016/2/cato-journal-v36n1-8.pdf