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Retirement Planning > Social Security

Greenspan To The Rescue?

By Staff Writer

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The American Benefits Council is urging President Bush to put Alan Greenspan in charge of a proposed Social Security and Medicare reform commission.

President Bush asked Congress Tuesday during his State of the Union address to form the commission to propose solutions for the problems facing the Social Security and Medicare programs as a result of the aging of the baby boomers.

“America must acknowledge that reform of Social Security and Medicare is absolutely necessary, and only bipartisan solutions can be enacted and succeed,” ABC President James Klein says in a statement about the commission proposal.

But Klein says some will view efforts to set up a reform commission as a “tactic for delaying meaningful reforms.”

But, in this case, the country can move forward only if Democrats and Republicans hammer out a bipartisan proposal, and the commission seems to hold the most promise for getting that done, Klein says.

Greenspan, who stepped down Tuesday as Federal Reserve Board chairman, would be a good choice because he is intimately familiar with nation’s economy and led a 1983 commission that helped save Social Security from the financial problems that plagued the program at that time, Klein says.

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