Friday, February 27, 2004

Fed Chief Urges Cut In Social Security (washingtonpost.com):
"Federal Reserve Chairman Alan Greenspan warned Congress yesterday that the federal government has promised more retirement benefits than it can pay for and must consider scaling back those commitments soon to avoid damaging the economy in the future.

"I am just basically saying that we are overcommitted at this stage," Greenspan told members of the House Budget Committee as they discussed the future costs of the Social Security and Medicare systems.

Greenspan, who supported President Bush's 2001 tax cuts, again endorsed Bush's proposal to make the cuts permanent. However, he said in response to questions that raising taxes would inevitably be part of any successful effort to reduce the growing federal budget deficit. He stressed that he prefers cutting government spending as much as possible before increasing taxes."

http://www.washingtonpost.com/wp-dyn/articles/A7099-2004Feb25.html

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