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Greenspan’s Right: Social Security Replaces Savings
Former Federal Reserve Chairman Alan Greenspan recently told The Wall Street Journal that he was surprised to discover that an increase in entitlements coincided with a decline in personal savings. This is one of those statements that seem obvious after someone points it out.
Social Security was intended to provide a safety net to senior citizens who could no longer work. In 1975, Social Security benefits were linked to inflation. Fed data show that the savings rate has been declining...Read More
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