Greenspan's Real Legacy
Newsweek, February, 2006 by Robert J. Samuelson
No man's reputation is safe on his retirement, and so it is with Alan Greenspan's. History's verdict will await subsequent events that reveal the long-term consequences of his 18 years as chairman of the Federal Reserve. But until then, it's silly to discount (as The Economist recently did) his apparent accomplishments. Doubters should consult standard economic statistics covering his tenure since 1987:
The U.S. economy (gross domestic product) has expanded 72 percent, and its growth rate has outstripped that of virtually every other advanced country.
The number of payroll jobs increased by 32.1 million (31 percent) from August of 1987 (Greenspan's first month) to December 2005.
There have been only two brief recessions, those of 1990-91 and 2001, lasting a...
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