Greenspan Urges Social Security Cuts to Help Deficit

[nodehopper]

WASHINGTON (Feb. 26) - Federal Reserve Chairman Alan Greenspan, stepping into the politically charged debate over Social Security, said Wednesday the country can't afford the retirement benefits promised to baby boomers and urged Congress to trim them.
APFederal Reserve Chair Alan Greenspan
He said that unless Congress acts, soaring budget deficits from out-of-control entitlement programs could lead to a ''very debilitating'' rise in interest rates in coming years.
Democratic presidential candidates denounced his proposals, and President Bush and other Republicans sought to distance themselves from the Republican Greenspan.
The central bank chairman also repeated his view that Bush's tax cuts should be made permanent to bolster economic growth. He said the estimated $1 trillion cost should be paid for, preferably, with spending cuts so the deficit would not be worsened.
As for specifics on trimming Social Security, Greenspan told the House Budget Committee that one possibility would be to switch to an alternative measure of inflation for annual cost-of-living adjustments. Instead of relying on the Consumer Price Index, he suggested switching to a new chain-weighted CPI that gives lower inflation readings and thus would mean smaller payment increases.
Advocating Cuts </snip>

more EVIL here:

http://aolsvc.news.aol.com/news/article.adp?id=20040224102309990005

[KissMyAsscroft]

1. And Nader wants to run to "make a atatement"

How he can read things like this and still believe that there is nothing on the line is beyond me....


*I also seem to remember that a lot of DUers were coming down on me when I said that the Bush Defecit was strategic so they could cut Social Security...Looks like we were right.

[izzie]

4. Oh I believe that. The GOP never wanted SS.

He is also from the Rand School. Ever read her books?

[Sugarbleus]

6. I TOTALLY agree with your statement KMA and

KGO's Bernie Ward talked about it tonight. Certain things DID go wrong with the economy that were out of the control of anyone. But the runaway spending and tax cuts are ALL Bush's fault. I can't help but suspect that he had this idea of wiping out SS by allowing the deficits run amok all along!

On the other hand, perhaps Greenspan was just giving a little "hint" to let the public know that they/we NEED TO VOTE bush OUT before it's too late!


What a vile, inhumane government we have in power today.
:puke:

[radfringe]

2. well we had a surplus,

balanced budget, and we were paying down the national debt -- all this was helping to keep Social Security a viable program

keeping Social Security viable was one of the issues during 2000 campaign

now we have record deficits, budget is out of whack, the national debt has hit new highs and bush* thinks this is just fine and dandy

toss in the drug company/health insurance give-away from the recent medicare prescription drug bill -- and I'd say alot of people are going to be P-O'ed

think bush* is going to be fried by "3rd rail" on this?

[xchrom]

3. don't forget the drain the war is causing

the iraq war was a fortuitous moment for haters of social spending by the government.
we had a president that was going to bankrupt the gov any way -- then this gift dropped into his lap.
you will never convince me that these events all played out accidentally.

[izzie]

5. And Bush is not going to give this up.

He wants to be the hero. War Presidents get re-voted in.I will be 6 foot under when you people finally get rid of the mess Bush has made of this country and half the world. Odd to think I was born with the mess Hoover left us and saw war every time I went to movies as a child and now at 70 it is all coming around once more. I hope we will not go back to the poor farms. I re-call my mother dropping off eggs at that sad place as we had chickens and lots of eggs. The poor used to have to give up their homes and move into such places. I use SS for some of my retirement and need it.The COLA should be changed. If it goes up a flat fee should be paid to all. The congressman get 5000 a year and I get less than 25. If things go up it is the same for us all.That would save a lot on SS.

[Sugarbleus]

7. Hi izzie. My mother went through that era. It wasn't pretty as she

tells it. Everyone scraped for everything. She told me a story about how she, as a young woman, went to work for a Wealthy family in the Denver area during those times. She was a cook/maid. She talked of all the mucky mucks she met as guests came to dinner; how they yukked it up while she and her family were living on bologna (she never ate bologna for the rest of her life). She said they partied and laughed and wasted food. Sometimes the mistress would allow her to take home a barely eaten Roast beef etc. She had to support her mother and father and siblings, as did her brothers who would do day labor.

As the social programs go by the wayside today, I have very real visions of going to live with my sister on her small farm. I envision pooling what money we can earn and growing the ole' "victory garden"; we can sell eggs too lol. I'm a "boomer" so I'm next in line to receive or not recieve any benefits for a life of slave labor.

I don't know if all this double dealing with human beings will ever be solved in my life time either.
Hang in there izzie

[izzie]

14. My father would not have a hot dog or turnip in the house.

He said he knew what went into hot dogs and they grew turnips and you ate them all winter. I was born in 34 so grew up with all this.All that family worked like dogs. Almost all had their own business, and they all gave money to their grandmother who gave every thing she had to bring them up and made sure they got some higher education. She was 75 when she took them in. What an easy life I have had.By the time I was 3 we lived in a big house on the ocean with my mother having her own car, we had a maid and life was good. But my father and mother were very much out to help people, I can recall him saying. You are to call the man picking up the waste, Mr so and so as he is just like us, He works.We had the most interesting people in our home. From a man who made millions to a man who used to do the horse race trips up and down the coast.Life has been a ball.

[YankmeCrankme]

8. You are so right

I whole idea is to get rid of SS. It amazes me that most people don't realize that the "income" tax cuts for the rich were paid for by the surplus of the SS, which they don't pay after approximately $90K of income. That surplus was to make sure that SS was solvent for the future retirees. Plus paying off the debt is the way to give tax cuts, as the less money you pay for interest on the debt is now available for programs or to send back to taxpayers.

[dbt]

9. Remember how the Media Borg laughed at Gore

when he talked about about putting Social Security in a "lockbox?"

Now GreenSpam wants to cut SS to pay for the deficits that the bu$h regime has run up--and all the anchorettes are somehow keeping straight faces!

Every feckin time I think things cannot possibly get more bizarre, they do.

:argh:
dbt

[Norquist Nemesis]

13. The way they laughed

really does kind of make you wonder if maybe they knew something...

[moondust]

10. Late stages of corporate capitalism.

The corporate beast is still hungry. They've downsized, streamlined, applied new technologies, deregulated, despoiled the environment, laid off millions, outsourced, squandered the surplus, robbed the (defenseless) grandchildren, and now it's down to bleeding (vulnerable) seniors? Seems they're running out of exploitees. Could there ever possibly be enough to satisfy the beast?

[dusty64]

11. Yet he wants to make

the HUGE taxcuts for the superwealthy permanent. VERY interesting, its waaaaaaay past time for alan to go away.

[Jeff in Cincinnati]

12. AARP Reaction

I don't have the link, but in another article on the subject (check Buzzflash) a spokesman for the AARP was just "shocked, shocked I tell you" that the Bush Administration would consider such a thing. Think they might regret supporting Bush on his Medicare swindle?

You lie down with the dogs, you wake up with fleas.

[Frances]

15. AARP sells drugs to seniors

They supported Bush because Bush's program made money for them.

I hate it when a good organization gets taken over by greedy businessmen.

[indepat]

16. I hope the AARP has gotten an itch that will forever need to be scratched

[twilight]

19. AARP = sellout lying pigs

The only reason they are "shocked" is because :wtf: else are they going to say after backing that Medicare bill?

I called them up and cancelled a life insurance policy with them. That really pisssed them off. They said, "What is your name?" I told them it did not matter what my name is because they have been axed ... no more $$$ from me for your two-bit life insurance policy. I've called the bank and unauthorized anymore payments to you shills! They couldn't think of a comeback answer of course.

The AARP has been lining their pockets with the money of the elderly for so long it stinks. I want nothing more to do with them again ever in my life.

And they act surprised ... what a pile of *! They are probably losing more members by the minute!

:dem: :kick:

[libertad]

17. Alan Greenspan needs to spend a week working a physically

demanding menial job, although I'm not sure he'd survive actual work, and see what he wants elderly workers who rely on soc sec benefits to go through.

[frylock]

18. put him in a fuggin walmart as a greeter..

that shouldn't be too much of a strain on ol' Greenie's constitution.

[twilight]

20. I doubt he'd keep the job

Greenie would probably fall asleep at the door no doubt. What a shill!

RESIGN GREENSPAN! RESIGN!!!



:dem: :kick:

[jeanmarc]

21. Thank you Greenspan!!!!

Thank you for singlehandedly creating yet another issue besides Jobs and War to knock the chimp out of office! I bet the Bush team is cringing at what he said during this election year. Go ahead, George, talk about privatizing Social Security! Run on that! We'll talk about deficits and how irresponsible the Republicans have been with YOUR RETIREMENT! Hallelujah!