] Reducing the federal budget deficit (or preferably moving
] it to surplus) appears to be the most effective action
] that could be taken to augment domestic saving.
] Significantly increasing private saving in the United
] States--more particularly, finding policies that would
] elevate the personal saving rate from its current
] extraordinarily low level--of course would also be
] helpful. Corporate saving in the United States has risen
] to its highest rate in decades and is unlikely to
] increase materially. Alternative approaches to reducing
] our current account imbalance by reducing domestic
] investment or inducing recession to suppress consumption
] obviously are not constructive long-term solutions.

Greenspan says "I can't fix this. Ask Congress."

FRB: Speech, Greenspan--Panel discussion: Euro in Wider Circles--November 19, 2004