Greenspan: Deal with deficit by cutting future Social Security benefits

Federal Reserve Chairman Alan Greenspan urged Congress today to deal with the country's escalating budget deficit by cutting benefits for future Social Security retirees. Without action, he warned, long-term interest rates would rise, seriously harming the economy. In testimony before the House Budget Committee, Greenspan said the current deficit situation, with a projected record red ink of $521 billion this year, will worsen dramatically once the baby boom generation starts becoming eligible for Social Security benefits in just four years. He said the prospect of the retirement of 77 million baby boomers will radically change the mix of people working and paying into the Social Security retirement fund and those drawing benefits from the fund. "This dramatic demographic change is certain to place enormous demands on our nation's resources — demands we will almost surely be unable to meet unless action is taken," Greenspan said. "For a variety of reasons, that action is better taken as soon as possible."

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I've been waiting for this. Now the cat is out of the bag. We have deficits because the rich and the corporations aren't paying taxes anymore, so now the poor will will just have to suffer in their retirement. Fuckheads. That doesn't include just the rich, it includes every deluded Republican that is going to need every cent of that Social Security when they retire. The rich aren't looking out after America, folks, they are only looking out for themselves. Remember, they won't be needing Social Security. I'm so fucking furious over this latest rape of America, I'd better stop now.