Citizen G'kar: Musings on Earth

February 18, 2005

Social Security not in 'crisis'

News has become selective these days. Conservatives have intimidated the main media outlets into squelching unfavorable news. Here is a good example. Today USA Today published this story:
USATODAY.com - Greenspan: Social Security not in 'crisis'
Federal Reserve Chairman Alan Greenspan said Thursday that Social Security is not in "crisis" as President Bush has declared, but emphasized that Congress must quickly address future funding problems in the program and far larger shortfalls in Medicare.


In remarks to a House committee, the central bank chief offered a sunny, short-term economic outlook with expanding business activity and low inflation. But he said the long-term picture was clouded by an aging population that will strain Social Security and Medicare and slow economic growth.

However, all over the news yesterday was this story:
ABC News: Greenspan: Social Security Funding Hard Under Current System
"The reason essentially is, … pay-as-you creates no savings when (there are) transfers from taxpayers in any particular period to beneficiaries," Greenspan said.


As a result, fully funding Social Security "would require more than tinkering," Greenspan said. "We are very far short and we would have very great difficulty in fully funding the existing system."


Greenspan told the panel he supported the creation of private Social Security accounts, but the transition should be done in a cautious, gradual way.

Greenspan made both statements to Congress yesterdsay. Yet the mainstream press only reports the one favorable to Bush. The one disfavorable to him shows up only at USA Today.
Whatever happened to freedom of the press?

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