February 16, 2005

Crisis? What Crisis?

Supertramp? No, Superman:

Fed Chairman Alan Greenspan, delivering his semiannual assessment of the economy to the Senate Banking Committee, gave a cautious endorsement today to President Bush's plan to shift some Social Security funding to individual investment accounts.

Any solution to the problem created by the baby boom's impending retirement has to be solved by increased national wealth, he said, which in turn depends on increased savings or investment.

The individual investment accounts would contribute to national savings only if they could be financed by methods other than borrowing, and in order to slow the rate of borrowing by Social Security, benefits would have to be trimmed, Greenspan said.

"If we move to private accounts, which I approve of," the shift must be done cautiously, he said.

So either the Democrat's or full of it or Alan Greenspan is. Hmm ..., tough choice, huh?

Posted by Charles Austin at February 16, 2005 06:14 PM

I love hearing my coworker's complain that Bush is "the worst president ever" because their property taxes went up this year. It never seems to occur to them that 1) they live in Central Florida, one of the fastest growing metropolitan areas in the country, 2) the ones who are as old or older than me seem to have completely forgotten things like Nixon, Watergate, stagflation, gas lines, and 3) Alan Fucking Greenspan. He was there when Clinton (the Second Coming as far as some of my coworkers are concerned) was prez, and he's still there. As long as he is in charge of whatever it is he's always been in charge of the economy will be what it is.

Posted by: Andrea Harris at 07:53 PM

I'd note that property taxes are a local thang rather than a federal thang. And anyway, revenue can only be raised by Congress, not the exective branch.

Posted by: charles austin at 08:29 PM