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Article: Greenspan gives qualified support to social security private accounts.( )(Brief Article)
- Article from:
- National Underwriter Life & Health
- Article date:
- February 21, 2005
- Author:
CopyrightCOPYRIGHT 2005 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FEDERAL RESERVE BOARD Chairman Alan Greenspan last week gave qualified support to Bush administration proposals to create so-called "private investment accounts" in the Social Security program.
In his comments on Social Security in testimony before the Senate Banking Committee, Greenspan said private accounts "would be a good thing to do." But be suggested Congress should "start out slowly" and cautioned that the trillions of dollars in additional federal borrowing that will be necessary to fund the change should be in the forefront in considering whether such a program should be implemented.
"If you're going to move to private accounts, which I approve ...