Greenspan Avoids Saying Social Security in 'Crisis'

WASHINGTON -- Federal Reserve Chairman Alan Greenspan said Thursday the Social Security retirement program is in serious trouble, but avoided saying it was in "crisis" -- as President Bush has charged, Reuters reported.

In response to a question from the House Financial Services Committee about why the system was in crisis, Greenspan began to answer: "The crisis today is largely because..."

But a congressman interrupted to ask: "You agree with the president it is a crisis, today?"

Greenspan then rephrased his reply.

"The word crisis depends on in what terms. That we have a very serious problem with the existing structure is what I would stipulate. The terms of how you describe it are far less important than defining what it is," he said.

-- NYSSCPA.org News Staff

Posted on 2/17/05