Excerpt from Third Report on Promoting Long-Term Prosperity From the Competitiveness Policy Council: Hearing Before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance and Urban Affairs House of Representatives, May 12, 1994 I am not by nature a pessimist; to the contrary. But when we did our review for this report Of whether America's competitive prob lems and economic woes were behind us, we came to some rather sobering judgments. Maybe if we can maximize public attention to our new report we can help the market condition by reminding peo ple that most of our fundamental problems like the saving rate have not been solved. Therefore, it is inconceivable that we would go ahead not only with 7 percent growth, but even with 3 or 4 percent growth. It doesn't work mathematically when productivity is expanding at best at percent and national private savings at the lowest rate in the postwar period. It can't happen and Alan Greenspan is the first to know that. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.