Alan Greenspan calls for spending cuts, rather than increasing taxes, to close the fiscal gap. Taxes, he worried, could hurt the overall economy more. He notes that this needs to be done soon, as 2008 will mark the year when the Baby Boomers are projected to begin entering retirement en masse.
Posted by scott at February 25, 2004 10:39 AM | TrackBackNEWSFLASH: In testimony before the House Budget Committee today, Greenspan urged Congress to deal with the country’s budget deficit by cutting benefits for future Social Security retirees rather than raising taxes
“This dramatic demographic change (aging baby boomers) 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 said. “For a variety of reasons, that action is better taken as soon as possible.”
Posted by: ron at February 25, 2004 10:54 AM