Greenspan Says Privatize Social Security

Ronald Bailey | February 25, 2004

In Congressional testimony today, Federal Reserve Chairman Alan Greenspan pointed out that the first Baby Boomers will start getting social security benefits in 2008. He then declared:

"This dramatic demographic change is certain to place enormous demands on our nation's resources--demands we almost surely will be unable to meet unless action is taken. For a variety of reasons, that action is better taken as soon as possible."

In other words, Social Security and Medicare are going to go bust. OK, so Greenspan didn't actually say privatize social security, but it's the only realistic way to avoid this impending disaster.