Greenspan Warns on Baby Boomer Benefits

AP via Yahoo ^ | Aug 27, 2004 | MARTIN CRUTSINGER

[Wolfie]

This is going to get really, really ugly within my lifetime.

We can only hope the ugliness is directed at the right people. Of course, for our leaders, the trick is to keep the balls in the air until they themselves are retired on a nice fat government pension, and have the ugliness directed at the poor slobs in office when it hits the fan.

[stevio]

I think that Wall Street likes him being there. He's been the only constant in D.C. for the last 10+yrs, aside from bumbling legislators, and Wall Street likes consistency.

[Oldeconomybuyer]

...Greenspan said that it was wrong for the government to hold out the promise of more retirement benefits than it is capable of providing...

It will take the collapse of a couple of European entitlement states before America addresses this problem.

[showme_the_Glory]

Damn.....I just got my future benefits letter last week. I was counting on that income. Looks like now I might just as well retire early......

[stevio]

Socialism sucks, and that's exactly what S.S. is. Maybe our kids will have to help out, like in the old days.

[afz400]

"Greenspan Warns on Baby Boomer Benefits"
Why isn't he warning about illegal immigrant benefits?

[Area51]

Now what we REALLY REALLY NEED is an Non-amnesty Amensty Plan offered up by a President that lets Vincente Fox write Our Immigration policy.

That and change the rules that allow Mexicans to start receiving SSI and Medicare after only 6 quarters of paying in, while You and I and ever other American that has paid taxes since the FIRST day we ever went to work are required to have 40 quarters of credit before recieving any beneifts.

This shit is WRONG!

[Investment Biker]

No changes for those in retirement....

First we get to work to support those currently in retirement. Then we get to work longer to support those in currently in retirement. Then we die just before retirement... That will fix the system...

Now will someone tell me how this is fair to boomers? Shouldn't all share the pain including those already in retirement?

[Smokin' Joe]

I was born in '56. I expect there will be as much left as you'd expect to find in a wheatfield after a plague of locusts by the time I get old enough. The part that irks me is that I have been paying in since I was 14....What a ripoff.

Maybe if the 40,000,000 or so little Americans hadn't been murdered since Roe v Wade, this ponzi scheme could have stayed afloat a little longer...

[tm22721]

The twin pincers of SSI insolvency and age discrimination / unemployment will tear this nation part.

Our kids will NOT support us.

BUMP

[kellynla]

I emphatically disagree...
Greenspam ruined the economy by raising interest rates to curb a nonexistent inflation...
Thanks to Greenspam and company he busted the Market and cost millions of investors trillions of dollars...

[watchout]

Its my money,Not the Government money

[Area51]

Don't forget the ads the SSI administration runs in cities informing Parents that if they have a child a with one of 1,000 illnesses they may be eligible for SSI.

ADD is one. It's become the new Welfare system. No don't work, get Serina down at the SSI office to file a disability claim for you sista. Da man owe you anyhow!

[George W. Bush]

The really explosive issue is how much in social security and other services is being paid fraudulently to illegal aliens. Not to mention what they're doing to hospitals and schools.

It's the unspeakable issue.

[ladtx]

It's the unspeakable issue.

I agree. Plus most of the politicos won't touch it with a 10 ft pole. Afraid they'll offend their constituents.

[brianl703]

I don't even want what I've paid in so far--just let me opt out.

[Willie Green]

Looks like changes coming down the pike for us boomers.

Got that right.
Neither Bush nor Kerry have a viable plan to survive this demographic steamroller.
Both of 'em have their heads stuck in the sand as if it doesn't exist.

Restoring Economic Health: Reduce Budget and Trade Deficits

[Smokin' Joe]

Not only that, they can hawk the meds. Whatta rackett!

[mondonico]

Once again, the boomer generation screws the country.

[lonerepubinma]

Didn't Kerry annouce yesterday that when he becomes Pres. he would lower the age to receive Medicare ?