Reflecting on the Wisdom of Alan Greenspan in Another Social Security Crisis

Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Honorable David M. Walker.

On a recent Price of Business show, Host Kevin Price interviewed David Walker.

Price and the Hon. David Walker, who served as the Comptroller General of the US, had much to say about the legacy of former Federal Reserve Chairman, Alan Greenspan.

Alan Greenspan, who passed away at age 100, was a titan of American economics. During his 19-year tenure as Federal Reserve Chairman, he was dubbed “The Maestro” for steering the U.S. through an unprecedented era of economic prosperity and navigating crises like the 1987 stock market crash.

Beyond monetary policy, his early public service included chairing the 1983 National Commission on Social Security Reform. Tasked with rescuing an insolvent system, Greenspan’s bipartisan commission brokered a complex deal. By gradually raising the retirement age, increasing payroll taxes, and taxing a portion of benefits, he famously saved Social Security from collapse.

Today, the USA faces a strikingly similar entitlement crisis. The 2026 Social Security Trustees’ Report warns that the retirement trust fund is barreling toward insolvency in the coming years. If Congress fails to act, automatic, severe benefit cuts will be triggered for tens of millions of retirees.

The financial gap continues to widen due to changing demographics, an aging population, and shifting immigration rates. Addressing this looming deficit requires exactly the kind of difficult, bipartisan compromise Greenspan championed more than four decades ago. Much like the 1983 commission, lawmakers today must put partisanship aside and agree on a mix of revenue increases, tax adjustments, and benefit reforms to secure the program’s future for the next generation. To dive deeper into the exact numbers, you can read the Committee for a Responsible Federal Budget Analysis or review the Center for Retirement Research at Boston College.

Dave is a nationally and internationally recognized fiscal responsibility, government transformation/ accountability, and retirement security expert. He is a non-practicing CPA with over 40 years of executive level experience in the public, private and non-profit sectors, including heading three federal agencies (two ERISA agencies), two non-profits, and leading a global service line for Arthur Andersen LLP. His most recent full-time federal position was as the seventh Comptroller General of the United States and CEO of the U.S. Government Accountability Office (GAO) for almost 10 years. This was one of his three Presidential appointments by Presidents from both political parties, with unanimous Senate confirmation each time. Dave also served as one of two Public Trustees for Social Security and Medicare from 1990-1995.

Most recently, Dave served as the Distinguished Visiting Professor and Crowe Chair at the U.S. Naval Academy where he taught the Economics of National Security. He currently serves on a number of government and non-profit Boards and Advisory Committees, including the Defense Business Board, the Federal Fiscal Sustainability Foundation, and as a National Co-Founder of No Labels.

Dave is also a periodic speaker, writer and media commentator. He has authored four books, the latest is entitled “America in 2040: Still a Superpower (A Pathway to Success)” published by AuthorHouse in October of 2020 and updated in February 2022. His most recent previous book was entitled “Comeback America: Turning the Country Around and Restoring Fiscal Responsibility“ (2010), which achieved National Bestseller status. He has appeared in many major programs and documentaries, including being the primary subject in a 60 Minutes segment and the critically acclaimed documentary I.O.U.S.A.

Dave has a Bachelors Degree in Accounting from Jacksonville University, an SMG Certificate from the JFK School at Harvard, a CAPSTONE Certificate from the National Defense University, and four Honorary Doctorate Degrees. He has received numerous professional and leadership awards and is in four Halls of Fame.

Dave is married to Mary Etheredge Walker. They have two children and three grandchildren.

Connect with David M. Walker on social media:

LinkedIn: https://www.linkedin.com/in/david-m-walker-9a30888/

X/Twitter: @DavidMWalker7

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