Greenspan Pushes for Social Security Fixes

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Federal Reserve Chairman Alan Greenspan warned on Tuesday that rising budget deficits posed a major threat to U.S. economic growth, and called for a swift review of commitments to a rising tide of retirees.


Greenspan, in prepared remarks to the Senate Special Committee on Aging, said the looming retirement of 78 million baby boomers will put a huge strain on the Depression-era retirement program and aggravate the country’s already bloated budget deficits.


“Unless the trend is reversed, at some point these deficits would cause the economy to stagnate or worse,” Greenspan said.


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