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To: hobo who wrote (2178)	2/28/2001 9:18:34 AM
From: hobo	Respond to of 74559

Editorial: Greenspan on Social Security Alan Greenspan gingerly supported a tax cut in testimony before Congress the other day, and, naturally enough, it dominated the news cycle. But the Federal Reserve chairman also had something to say about funding Social Security, and it would be unfortunate if those views were overlooked. In short, he thinks personal investment accounts are a good idea. That, of course, is what President Bush advocated during the campaign. Al Gore, on the other hand, maintained that privatizing a portion of Social Security would put the whole system at risk. The discussion between Greenspan and the senators was to the effect that the addi tional revenue generated by investing Social Security funds would help meet future liabilities, not somehow leave the elderly in peril. In signing on to this idea, Greenspan is scarcely endangering his reputation for economic brilliance. Exhaustive studies have supported the contention that partial privatization of Social Security is a viable way to help keep the system afloat when baby boomers start retiring. Not only would it offer greater returns than under the present system, it would enable even low-income households to accumulate a substantial nest egg of their own. That said, and as Greenspan noted in his remarks, there must be a ''safety net'' to make sure no one is left in dire straits. And any such plan ought not penalize those who do save for their own retirement. Greenspan's conclusions about Social Security are important. Congress needs to get moving on retirement issues, and when it does, members should keep Greenspan's testimony in mind. Publication date: 01-29-01 cincypost.com ____________ Chicken in every pot ? or Give pot to the chickens ? a way to extend the mania ?