Greenspan warns against 'protectionist cures' for job losses in US

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Last updated at: (Beijing Time) Saturday, February 21, 2004

Greenspan warns against 'protectionist cures' for job losses in US

US Federal Reserve Chairman Alan Greenspan warned Friday against "protectionist cures" to deal with job losses in the United States.

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US Federal Reserve Chairman Alan Greenspan warned Friday against "protectionist cures" to deal with job losses in the United States.

"The protectionist cures being advanced to address these hardships will make matters worse rather than better," Greenspan said in a speech to the Chamber of Commerce of Omaha, Nebraska.

"Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs," he said.

Instead, Greenspan proposed upgrading educational opportunities for low-skilled workers as the best way to deal with increased global competition.

Employment has become a hot issue in the 2004 presidential campaign, with Democratic candidates blaming President George W. Bush's economic policies for the loss of 2.2 million jobs since hebecame president.

The issue was highlighted last week when Bush submitted his annual economic report to the Congress.

"As history clearly shows, our economy is best served by full and vigorous engagement in the global economy," Greenspan said.

Source:Xinhua

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