Greenspan tells it like it is....better late than never
Re: Querying Greenspan (Washington Times, 3/15/05)
Marketwatch.com article about Greenspan's presentation today:
To the Editors:
Alan Greenspan has, over his last two appearances before Congressional committees, finally taken a strong stand on Social Security and government profligacy.
He is the first and most important high-profile expert to point out what politicians on both sides of the aisle are most afraid of: Social Security has allowed our legislators to mask a much higher real deficit than is reported, allowing them to avoid difficult spending choices.
If the Social Security surplus had actually been saved or invested last year’s budget deficit would have been about $550 billion instead of roughly $400 billion. Removing this fiscal camouflage by "making the lockbox real" and allowing personal accounts is the best way to increase total national savings and thus to deal with the upcoming financial requirements of baby-boomer retirees.
We owe Mr. Greenspan a big thank you for saying what nobody on Capitol Hill has had the courage to say.
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