Thursday, March 03, 2005
Greenspan to Congress: Rein in Geezer Subsidies
"I fear that we may have already committed more physical resources to the baby boom generation in its retirement years than our economy has the capacity to deliver.Translation: Not only are personal accounts going to save the government billions of dollars, and help ensure that my retirement benefits are still around when I retire, the savings plans keeps [some] money out of governmental programs.
"If existing promises need to be changed, those changes should be made sooner rather than later."
Greenspan also said that adding personal accounts to Social Security would help raise overall savings in the country, a step needed for a healthy economy. "The reason is that money allocated to the personal accounts would no longer be available to fund other government activities," he said.
Greenspan's point? Get to work, suck it up, and do what needs to be done. Now.
Greenspan also waved a finger at governmental spending, telling congress that the deficits have to be brought under control. Perhaps those on the left whining about Bush's budget cuts will take note, but we shouldn't hold our breath.
Related articles here.