[hoosierboy]

I know it really has to be breaking news to be posted here, but the fact that greenspan said we need to cut social security payments or raise the age to receive benefits, brings pictures in my head of 80 yr old senoir citizens mugging greenspan with their canes outside the capital building after he has given his speech. Oh and if this does happen I expect to take full credit for this prophecy.

[dogbyte12]

Bush needs to tread lightly here. Even if he agrees with Greenspan, he needs to "set up a commission" to study this proposal. The commission's study period should end some time after November 2nd.

Grumpy seniors will get mad, but also boomers, if they feel that they have been paying into the system for 30 plus years and they are going to get a rate cut. This could be political dynomite.

[LibertarianInExile]

In other news, Greenspan proposed spinning money from straw and $#!##!ng gold bricks to reduce the deficit. Yeah, Congress will lower Social Security payments or raise the retirement age. You betcha that'll happen. Right after Jack climbs back down the magic f'in beanstalk.

[SierraWasp]

Wall Street took it as braking news!!!

It stopped a broadly rising market right in it's tracks this morning.

[Muleteam1]

To most people who are at least ten years from SS, this is not new news. Many, possibly most, younger Americans expect to never draw SS even though they will have to pay it. But then that's the way a pyramid scheme is supposed to work.

Muleteam1

[Lael]

BTTT!!!

[Cold Heat]

But Greenspan and other economists have warned that, over time, persistent deficits and high government debt will push interest rates higher, hurting economic growth and the nation's living standards.

While I recall several Economists saying that this connection exists, it has never happened and Greenspan, to my knowledge has never stated it in this way.

Someone correct me if I am wrong.

[Blood of Tyrants]

They will literally break the bank rather than cut SS benefits. I don't know which is worse, unconstitutional government entitlement programs or wasteful and unnessary government programs. Do you realize that only the government has employess classified as "essential employees"? Does that mean that the rest are non-essential? If they are non-essential, why do we have them?

[LandofLincoln]

This guy is so far out of touch it is unbelievable. Cut Social Security, but quit collecting it too.

This is bad for the economy, because Americans will have to spend less and save more. I am for closing SS down, so I can quit contributing to it. I know that I am never going to see a dime of it. Let's cut the retirement package that Congress has in place for themselves, as well. The PIGS!

[Glenn]

What an amazing way of stating the obvious (to most of us) Greenspan has.

[miloklancy]

Ah yes, Alan Greenspan telling Congress once again, what it doesn't want to hear. Being at the virtual bottom of that government pyramid scheme known as social security, I really have no hurt feelings over either slashing benefits or raising the age to receive benefits. I just count that money that is withheld from pay check as a loss anyway.

[familyofman]

Someone has to inform Greenspan about the fact that "deficits don't matter".

[OldFriend]

The age when people begin to collect social security has already been raised. Most folks just don't realize it.

[drypowder]

Clinton cut SS benefits by instituting a tax on them. That's a tax on monies that had already been taxed. I don't recall people coming unglued about that.

[jackbill]

What Greenspan and the politicians never mention is the fact that Federal Military and Civilian pensions are handled in exactly the same way that Social Security is (i.e. unfunded) and that stuff will also hit the fan at the same time.

Since the federal pensions are a lot more generous than Social Security, the problem is not insignificant. It is about one-third the size of the Social Security problem.

[Grampa Dave]

As usual the left wing mediots use the wrong terminology to scare the old people on social security.

Greenspan did not say Social Security Payments must be cut.

He said the following:

http://cbs.marketwatch.com/news/story.asp?siteid=bigcharts&dist=news&guid=%7B1BA0C453%2DFDFC%2D4C65%2D8949%2D8B337C0AE847%7D

"In his testimony Wednesday, Greenspan suggested that changes be made in Social Security to limit cost-of-living increases and perhaps to adjust the retirement age.

"We will certainly have no choice but to make significant structural changes in the major retirement programs," he said.

"Changes should be made now to allow those near retirement to adjust their plans. And obligations made to current retirees must be honored, he said."

This is the same bs that Reagan, GW or Arnold want to cut whatever, when they propose a reduction in future expenditures.

[Brownie74]

This is a bunch of crapola!!

CLICK HERE to FReep a poll at our NBC affiliate here in Dallas. The poll was running about 87% against Greenspan the last time I checked it.

[Xenalyte]

brings pictures in my head of 80 yr old senoir citizens mugging greenspan with their canes outside the capital building after he has given his speech.

Now THAT is a helluva visual.

[kinghorse]

Greenspan isn't supposed to get political in a presidential election year. Forcing the debate now is hugely unsettling to both candidates (Kerry and Bush).

[kinghorse]

Oh and buy Mexican REITS. They are sending their working age folks here to work and pay taxes. We are sending our 50 plus crowd there to stretch a dollar.

[jpsb]

What the problem? All the Bushbots keep telling me that the deficets are no big deal. Tens of Trillions of dollars in debt is cool. Obviouly Greenspan doesn't get it, yall need to flood Greenspan with email and letters explaining to how deficets either budget or tradre are really good things.