Greenspan urges Social Security cuts.

• Position: Your Life - Federal Reserve Chairman Alan Greenspan - Brief Article

Federal Reserve Chairman Alan Greenspan has urged Congress to deal with the country's escalating budget deficit by cutting benefits for future Social Security retirees. Without action, he warns, long-term interest rates will rise, seriously harming the economy, Greenspan maintains that the current deficit--a projected $521,000,000,000--will worsen dramatically once the baby boom generation starts becoming eligible for Social Security benefits in just four years.

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