Greenspan's Call to Cut Social Security

Federal Reserve Chairman Alan Greenspan called yesterday for a cut in social security benefits to rein in the burgeoning federal deficit. Meanwhile, in Kentucky today president Bush pushed to make his tax cuts permanent, yet backed away from Greenspan's comments on social security. Tonight, On Point, the looming cost of social security.

Guests:

Laurence Kotlikoff, professor of economics, Boston University. His forthcoming book is "The Coming Generational Storm: What you Need to Know about America's Economic Future."

Peter Diamond, professor of economics, Massachusetts Institute of Technology. His new book is "Saving Social Security: A Balanced Approach."

Robert Pozen, chairman, mutual fund company MFS. In 2003 he was Secretary of Economic Affairs for Massachusetts Governor Mitt Romney. He is former managing director and general counsel of Fidelity Investments.