Greenspan endorses private Social Security accounts

In his testimony before Congress over the past two days, Alan Greenspan endorsed private Social Security accounts. Although his endorsement is not necessarily unusual, it is unusual that he endorses the accounts not for solvency reasons, but because he thought it was a good thing for individuals to have private ownership of the accounts. He also clearly states that he believes it will help poor people.

"I think that is a highly desirable thing because you give wealth basically to people in the lower and middle income groups who have not had it before."