Greenspan: US 'Way Underestimating' the National Debt

http://www.newsmax.c.....id/649228/

Alan Greenspan, former chairman of the Federal Reserve, said a Social Security Trust Fund does not exist and that the U.S. is “way underestimating” the size of its national debt.

“The notion that we have a trust fund is nonsense – that trust fund has no meaning whatsoever except for the fact as an all private fund to benefit programs, if it runs out of money, you can only pay out in cash flows that come in but the probability that will happen is not particularly high,” Greenspan recently told the Fiscal Summit held by the Peter G. Peterson Foundation, PJ Media reported.

“That means the trust fund is a meaningless instrument that has no function … it’s exactly the same thing as current expenses,” he said.

The trust fund that supports Social Security's disability program is projected to run out of money late next year, triggering automatic benefit cuts, unless Congress acts.