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Greenspan backs private accounts

Washington Times:

Federal Reserve Chairman Alan Greenspan yesterday endorsed President Bush's idea of private Social Security accounts, saying the current system isn't set up to handle the approaching retirement of baby boomers.
But he also urged Congress to take a cautious approach and warned against moving too fast or borrowing too much money to finance the accounts because he is not sure how the markets will react to them.
"If you're going to move to private accounts, which I approve of, I think you have to do it in a cautious, gradual way," Mr. Greenspan told members of the Senate Banking, Housing and Urban Affairs Committee, most of whom questioned him repeatedly on Social Security.
Federal Reserve Chairman Alan Greenspan yesterday endorsed President Bush's idea of private Social Security accounts, saying the current system isn't set up to handle the approaching retirement of baby boomers.
But he also urged Congress to take a cautious approach and warned against moving too fast or borrowing too much money to finance the accounts because he is not sure how the markets will react to them.
"If you're going to move to private accounts, which I approve of, I think you have to do it in a cautious, gradual way," Mr. Greenspan told members of the Senate Banking, Housing and Urban Affairs Committee, most of whom questioned him repeatedly on Social Security.

Democrats had hoped that Greenspan would oppose private accounts. The Dems on the committee seized on any straw in the testimony to make a case that the accounts were a risky scheme, ala AlGore. But, the Dems had to be very disappointed that he did not back their ridiculous assertion that there was nothing wrong with the current system.