Greenspan Supports Social Security Reform

Hat tip: Sacred Cow Burgers

Don't know if you caught it or not, but Federal Reserve Chairman Alan Greenspan "endorsed President Bush's idea of private Social Security accounts, saying the current system isn't set up to handle the approaching retirement of baby boomers."

WHOA! What?

You mean to tell me those libs have the Fed Reserve Chairman to add to the list of people they have to combat on this issue? They already are having to backtrack, sidestep and outright lie when confronted with their OWN position on this topic not so long ago...

I was LOL watching it...you could almost hear the gasps in the room as Greenspan spoke...

...mind you, Greenspan wasn't giddy or anything like that - in fact, he was urging caution as we move forward with this, but he was practically putting his Good Housekeeping Seal of Approval on it: "If you're going to move to private accounts, which I approve of, I think you have to do it in a cautious, gradual way"

Liberals tried their damndest to interpret what he said as a negative on changing the Social Security structure: "It seems to me that what you're saying here is that moving to the system that's outlined, that the president may propose, is risky," said Sen. Charles E. Schumer, New York Democrat. "It's risky because we don't know what the markets ... will do if they see it, and at the same time, it does not increase overall net savings in and of itself."

Nope. That's not what he said at all.

Greenspan went on: "I've always supported moves to full funding in the context of a private account," Mr. Greenspan said. "We've got a problem in that the existing pay-as-you-go system is not working, and we've got to change it."

Looking toward future challenges, Mr. Greenspan urged Congress to act in the near future to shore up Social Security and Medicare for the baby boomers, though he didn't cite specific solutions.

"Real progress on these issues will unavoidably entail many difficult choices. But the demographics are inexorable and call for action before the leading edge of baby boomer retirement becomes evident in 2008," he said.