Washington (CNN) - Cutting the U.S. deficit will require addressing the rising costs of entitlement programs such as Social Security, former Federal Reserve Chairman Alan Greenspan said Sunday.
Appearing on the NBC program "Meet the Press," Greenspan said the United States "can't erase deficits by tax increases alone."
"We have to recognize the fact that one of the things we have to do, as tough as its going to be, is that benefits are going to have to be pared in conjunction with tax increases," Greenspan said.
Asked about the recession, Greenspan declared it ended.
"The recession is over," he said, adding it "bottomed out" in mid-2009.
Now, Greenspan said, it was unclear if U.S. innovation would bring necessary job creation to reinvigorate the economy.
"We don't know where the jobs are coming from," Greenspan said. "We don't know how this market … is going to move forward."