Former Federal Reserve chairman Alan Greenspan, in his first visit to Congress since his retirement, stated that high
are finally impacting the U.S. economy. "The United States, especially, has been able to absorb the huge implicit tax of rising oil prices so far," he told the U.S. Senate. "Recent data indicate we may finally be experiencing some impact from the high oil prices."
Greenspan did not advocate any drastic action from the government, though. Though he acknowledged consumers are struggling with the increased prices, he pointed out that the U.S. and, in fact, the world economies have not suffered a significant slowdown in activity.
[Source: Xinhua via People's Daily Online]