by Patrick J Buchanan – March 1, 2004

The job of the chairman of the Fed, it used to be said, was to take away the punch bowl just as the party got going good.

Last week, Alan Greenspan did his duty. He told Congress Social Security benefits must be cut for the baby boomers, to avoid taxes having to be raised on the Gen-Xers. Like Thelma and Louise, Social Security and Medicare are headed for the cliff.

For decades, our leaders, terrified of touching the “third rail” of American politics, have put off addressing the long-term crisis. Now, the monster has come into view.