The U.S. can't afford to put President Trump's $1 trillion infrastructure spending plan into action, former Federal Reserve Chairman Alan Greenspan told CNBC Thursday.
Infrastructure spending does not have a return on investment until the projects are complete, Greenspan warned, and will only serve to deepen the public sector's debt obligations.
"The question is who is financing this trillion dollars in infrastructure. At the moment, we can't afford it," Greenspan told CNBC Thursday.
(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views.Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)