Yesterday, Federal Reserve Board Chairman Alan Greenspan was giving Congress advice:
Federal Reserve Chairman Alan Greenspan yesterday urged Congress to act soon to reduce future Social Security and Medicare benefits, warning that growing federal budget deficits threaten to cause economic "stagnation" in coming decades.
... Greenspan, as he did last week, endorsed the gradual creation of individual Social Security investment accounts, part of President Bush's push to restructure the public retirement system.
Of course,
this same article reminds us that Greenspan's "tough love" prescription is one he could have embraced, but chose not to, back in 1983:
Greenspan was co-chairman of a 1983 bipartisan commission that agreed to strengthen Social Security's finances by raising payroll taxes and the retirement age.
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