And yet Greenspan forgets Bill Clinton's (and Al Gore's!) insistence that budget enforcement mechanisms be strengthened in order to "lock box" the budget surpluses--precisely in order to boost national savings and secure an economy strong enough to fund the entitlement programs.
The dot-com boom, for example, produced the budget surpluses of 1998 to 2001 for the federal government and many states. No elected officials in modern times seem to resist being enticed by unexpected surplus cash sitting around, uncommitted…
It wasn't enough for you to support the Bush tax cut of 2001, Mr. Greenspan?