posted on February 27, 2003 11:58:00 AM new
He said there would be "significant effects" from a rapidly aging population on government finances.
"In particular, it makes our Social Security and Medicare programs unsustainable in the long run, short of a major increase in immigration rates, a dramatic acceleration in productivity growth well beyond historical experience, a significant increase in the age of eligibility for benefits or the use of general revenues to fund benefits," the Fed chief said.
posted on February 27, 2003 12:03:02 PM new
He's also not telling it right. From what I've heard from a number of economists, all that we need to do to save Social Security is:
a) Lockbox. Lock it up tight.
b) Have the government pay back all of the IOUs it has written.
Doing just these two things would make Social Security viable well into the next century!
Unfortunately, I don't recall the names of these economists. But I doubt that allowing for a huge influx of illegal immigrants is the solution to our Social Security crisis no matter how you cut it.
