Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Fed Chair Bernanke: Impending Baby Boomer Retirement Could 'Seriously' Weaken Economy
FOX ^ | 01/18/07 | Unknown

Posted on 01/18/2007 11:15:10 AM PST by Froufrou

Federal Reserve Chairman Ben Bernanke warned Congress Thursday that the economy could be gravely hurt if Social Security and Medicare aren't revamped and urged lawmakers to tackle the nation's thorny fiscal issues sooner rather than later.

"If early and meaningful action is not taken, the U.S. economy could be seriously weakened," Bernanke said in testimony to the Senate Budget Committee.

It marked the Fed chief's most forceful warning to date on the potential problems facing the United States with the looming retirement of 78 million baby boomers, the oldest of whom will start retiring next year.

This huge wave of retirees will hit the U.S. budget as well as the economy, he said.

"The longer we wait, the more severe, the more draconian, the more difficult the objectives are going to be. I think the right time to start was about 10 years ago," he told lawmakers when questioned about the urgency of the situation.

Absent policy changes by Congress and the White House, rising budget deficits are likely in the years ahead to increase the amount of federal debt outstanding to unprecedented levels, Bernanke said.

(Excerpt) Read more at foxnews.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: bernanke; budget; genx; jobs; reform; socialsecurity
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-82 next last
To: buffyt

A few years ago I worked out (from my SS yearly report) what I would have had from my investment if it went into the S&P 500. I had $40,000 invested and my employer had the same. If I got only, from year to year to year, what the return was from the S&P, it was well over $1,000,000. If it was halved from what my employer paid in it was still 100% more than what I can reasonably expect from the SS account I will recieve if I lived to be 80. So this demonstrates (according to Harry Reid) that a private account can't work. /(sarc).


61 posted on 01/18/2007 4:07:05 PM PST by Safetgiver (Stinko De mayo, Stinko to the Commies.)
[ Post Reply | Private Reply | To 41 | View Replies]

To: Peach
Good for you guys, Peach! Right on!

sw

62 posted on 01/18/2007 4:12:14 PM PST by spectre (Spectre's wife)
[ Post Reply | Private Reply | To 31 | View Replies]

To: Tolerance Sucks Rocks

Well, I didn't have kids, so that helped. We both had good jobs and saved about 36-38% of our gross income every year. In 1988, we built a house in CT, had a small mortgage and I asked my husband if that one year we could actually use the money to decorate the house with his raise money. He said yes! LOL


63 posted on 01/18/2007 4:37:29 PM PST by Peach (The Clintons pardoned more terrorists than they captured or killed.)
[ Post Reply | Private Reply | To 58 | View Replies]

To: Safetgiver

Good ole Harry Reid. He is set for life, why should he care about the LITTLE PEOPLE out here in the real world???

I went to a symposium in Galveston about their privatized SS system and President Bush was there speaking about it. They had a lady there who recently retired. Not only did she get a LOT more money than she would have with the OLD SS system, it is HER money and she can leave it to her family when she died.


64 posted on 01/18/2007 4:51:26 PM PST by buffyt (It is not a CHOICE ~ It is a CHILD!!!!!!)
[ Post Reply | Private Reply | To 61 | View Replies]

To: Peach

I retired in 1978. My husband plans to retire in the next couple of years. The kids are "grown" with one still in college.


65 posted on 01/18/2007 4:52:52 PM PST by buffyt (It is not a CHOICE ~ It is a CHILD!!!!!!)
[ Post Reply | Private Reply | To 31 | View Replies]

To: SF Republican

What kind of work do you do in insurance?


66 posted on 01/18/2007 4:55:51 PM PST by Looper
[ Post Reply | Private Reply | To 3 | View Replies]

To: Froufrou
Expect to get? Why would I expect to get what I'd paid for my entire working life?

It is a ponzi scheme. One would think that FreeRepublic readers wouldn't be taken in by that "SS trust fund" hokum.  Guess not.

67 posted on 01/18/2007 8:35:42 PM PST by zeugma (If the world didn't suck, we'd all fall off.)
[ Post Reply | Private Reply | To 53 | View Replies]

To: zeugma

" One would think that FreeRepublic readers wouldn't be taken in by that "SS trust fund" hokum. "

One would think that Free Republic readers would know sarcasm when they see it. Guess not.


68 posted on 01/19/2007 7:03:51 AM PST by Froufrou
[ Post Reply | Private Reply | To 67 | View Replies]

To: sergeantdave; xrp

You bet. Maybe they're counting on another terrorist attack to take a bunch of people out. Makes as much sense as anything they've done about it.


69 posted on 01/19/2007 7:08:41 AM PST by Froufrou
[ Post Reply | Private Reply | To 57 | View Replies]

To: Froufrou
One would think that Free Republic readers would know sarcasm when they see it. Guess not.

LOL. Guilty as charged! 

70 posted on 01/19/2007 9:07:47 AM PST by zeugma (If the world didn't suck, we'd all fall off.)
[ Post Reply | Private Reply | To 68 | View Replies]

To: zeugma

S'okay, I've missed sarcasm sometimes, too. Hard to explain, given I can be so sarcastic! LOL!


71 posted on 01/19/2007 9:34:15 AM PST by Froufrou
[ Post Reply | Private Reply | To 70 | View Replies]

To: Red Badger

--Besides, I'd have to be with my wife ALL DAY!..............--

Send HER to work!


72 posted on 01/19/2007 9:38:52 AM PST by UpAllNight
[ Post Reply | Private Reply | To 14 | View Replies]

To: Renegade
Boomers are the largest block of people that vote in the USA. They were FORCED to put $$$ into this dinosaur and they want it back. Any attempt to penalize that group will be political suicide .

Those working far outvote those retired, otherwise there won't be enough taxes to cover the SSRI payouts.

Either way, baby boomers are screwed.


BUMP

73 posted on 01/19/2007 9:39:13 AM PST by capitalist229 (Get Democrats out of our pockets and Republicans out of our bedrooms.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Red Badger

Sell Federal Land, the US Gov owns most of Nevada.


74 posted on 01/19/2007 9:49:43 AM PST by DownInFlames
[ Post Reply | Private Reply | To 4 | View Replies]

To: Red Badger
I will work until I cannot. I'm not gonna sit around waiting to die. Besides, I'd have to be with my wife ALL DAY!..............

Same here. I started drawing SS as soon as I became eligible. I wanted to draw out as mush as possible. I retired about three months ago. After three weeks I was looking for a part time job.

75 posted on 01/19/2007 10:13:15 AM PST by dearolddad
[ Post Reply | Private Reply | To 14 | View Replies]

To: dearolddad

I suspect all the older people I see at McDonalds and Burger King are not there for the money, but for comraderie and to feel "needed and useful"........


76 posted on 01/19/2007 10:26:30 AM PST by Red Badger (Rachel Carson is responsible for more deaths than Adolf Hitler...............)
[ Post Reply | Private Reply | To 75 | View Replies]

To: DownInFlames
Sell Federal Land, the US Gov owns most of Nevada.

To whom?......Algae Based BioDiesel Growers!..........

77 posted on 01/19/2007 10:29:28 AM PST by Red Badger (Rachel Carson is responsible for more deaths than Adolf Hitler...............)
[ Post Reply | Private Reply | To 74 | View Replies]

To: capitalist229

Don't bet the farm on it . We own the companies where the rest work .


78 posted on 01/19/2007 10:40:40 AM PST by Renegade
[ Post Reply | Private Reply | To 73 | View Replies]

To: Ron2
Congress needs to lock up Social Security and pay back everything they have taken from the program. This program should sustain itself if they leave it alone. Basically, they have stolen peoples retirement and used it for whatever they wanted to. Pay it back with a huge interest and penalty for using it...

You really shouldn't try to participate in a discussion you obviously know nothing about. The projections used to declare SS insolvent assume the money has all been repaid...and SS funds are currently invested in interest bearing US bonds.

79 posted on 01/19/2007 12:28:11 PM PST by gogeo (Irony is not one of Islam's core competencies (thx Pharmboy))
[ Post Reply | Private Reply | To 2 | View Replies]

To: Froufrou

Sarcasm can be hard to see on a forum like this, which is why the conventions of "/s" or "/sarcasm" have evolved, though there are some who find the need to include the 'tag' to take away from the intended effect. I know that I've posted things that have garnered "WTF?!" responses. :-)


80 posted on 01/19/2007 1:11:09 PM PST by zeugma (If the world didn't suck, we'd all fall off.)
[ Post Reply | Private Reply | To 71 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-82 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson