Wednesday, February 16, 2005

Greenspan and Social Security

Well, Fed chairman Alan Greenspan has spoken and he's for the gradual abolishment of Social Security, in favor of private accounts. Much will be made of this, since he's regarded as the most successful Fed chairman of all time and was even fawned over by Bob Woodward, who dubbed him "The Maestro."

But, let's not forget who Greenspan is. For one thing, his record, though admirable, is not perfect. Remember the recent boom and bust? His monetary policies were responsible for both and he's even been criticized for that on the right wing op-ed pages of The Wall Street Journal.

He's also a disciple of Ayn Rand. No good Randist would ever support a compulsory group retirement initiative, so Greenspan's comments are really no surprise. See, the one thing you can never forget about Greenspan is that even though he's been appointed by both Republicans and Democrats, he isn't some sort of philosophical centrist. He is, on economic matters, far to the right of most Republicans. It's just who he is. So, when Alan Greenspan speaks out against Social Security, as he did today, he isn't speaking as "The Maestro," he's speaking as a philosophical extremist. Don't be fooled.


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