Dem's first wave of attacks pretty inept
The system, however, on its current path, is headed toward bankruptcy.Well that's seems to have backfired. During his prepared remarks, Greenspan said this:
Beyond the near term, benefits promised to a burgeoning retirement-age population under mandatory entitlement programs, most notably Social Security and Medicare, threaten to strain the resources of the working-age population in the years ahead. Real progress on these issues will unavoidably entail many difficult choices. But the demographics are inexorable, and call for action before the leading edge of baby boomer retirement becomes evident in 2008. This is especially the case because longer-term problems, if not addressed, could begin to affect longer-dated debt issues, the value of which is based partly on expectations of developments many years in the future.
Then when the economically-challenged senators "grilled" him on social security, he endorsed (as much as he can endorse anything when speaking in Greenspanese) private accounts. Opps! Regardless of you position on private accounts, it takes an act of willful ignorance to not see that Social Security is imminently headed for fiscal disaster.