Social Security - Let Them Hear Al!
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Social Security may be staved off to save money and entitlement obligations as the baby boom hits 65 says Greenspan. Speaking for the Fed, he could not have done less for the adminiistration than tosing their song. His message is correct and fiscally sound -but a policy jibe no American Administration can stand - and Greenspan knows it. Acually softly floated in other remarks two weeks or so ago - the Social Security proposal is not new. Yes tax cuts and current spending can be maintained - but so can the Social Security compact -- The New deal which created it faced a far worse augury of an economy with sheer numbers of newly enrolled eligibles --- they were funded in default - or could have been - from general revenues to avert a regressive payroll tax choking employment. they still can do it that way. So Chairman Greenspan has spoken - the markets and politicians know the cost - tax and interest adjustments (if the feds borroow more to pay out) or cuts. As the Congressmen must have sighed - "Say it ain't so Chairman Greenspan!" -- but it is so ladies and gentlemen. Good night. Oh yes - -immigrats who work -are also like a baby-boom already at working age. huh? |
posted by scotty of course at 11:29 PM
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