*SUMMERS REPEATS SUPPORT FOR INVESTING US SOCIAL SECURITY FUNDSgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
03/03 10:08 *SUMMERS REPEATS SUPPORT FOR INVESTING US SOCIAL SECURITY FUNDS IN EQUITIES
WASHINGTON, March 3 (Reuters) - Deputy Treasury Secretary Lawrence Summers said on Wednesday that the Clinton administration and Congress could jointly find a way to safely invest Social Security surpluses in equities.
"We believe that we can successfully work with Congress to design a system that is free from political influence," Summers said in prepared testimony for delivery to a House Ways and Means subcommittee.
He urged Congress to back the administration's proposal to boost the rate of return earned by retirement trust funds by investing part of the trust funds' surplus in equities -- a position opposed by Federal Reserve Chairman Alan Greenspan.
I think the administration sees something on the horizon, maybe partially y2k induced !!
-- Ray (firstname.lastname@example.org), March 03, 1999
If this comes to pass, the Federal Government will eventually become the majority stockholder of many corporations.
I didn't used to be paranoid. Now I am. Clinton wants the Federal Government to own the economy. That's really what his health care initiative was about. This is more of the same.
-- Ned (email@example.com), March 03, 1999.