Greenspan warns against deficits (says to cut social security)

CNN ^ | 02/24/04

[hoosierboy]

NEW YORK (CNN/Money) - Federal Reserve Chairman Alan Greenspan warned Congress Wednesday to take quick action to fix the nation's swollen budget deficit, saying it could impair the ability to pay Social Security benefits and weigh on the broader economy.

[SierraWasp]

11:31 Greenspan: No worries on large foreign Treasury sales

Or, "Don't worry, be happy," right?

[Cold Heat]

LOL! NO>>>>>>>>>

Greenspans comments, at least at first.

This is just knee jerk stuff.

The real market problem today is a mis-read and fear of what Putin did. The oil markets are shook up and the news that the oil fields in Saudi Arabia have peaked.

Rats, Rats, Rats! They are Reutering the markets!

[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.

[Brownie74]

If the government was serious about saving money, which they're not, they could begin by stopping all of the benefits they are giving to illegal aliens.

Why take from Americans that have been forced to pay into this government sponsored ponzi scheme and give it to them? That's socialism - plain and simple.

[expatpat]

YOU may not have seen a cut if you were old enough. But everyone born after some time in 1938 is getting a cut because of the raising in retirement age that has already been implemented. Either in the monthly payment, if they retire before the new retirement age (like I did), or in total payments, if not, because of the missing payments between 65 and their new retirement age.

Any further raise in retirement age will cause further cuts. Your last sentence is erroneous, except for those who were lucky enough to beat the 1938 date.

[happygrl]

The retirement age has already shifted to 67 for many of us.

Low-income households get their SS deductions "rebated" through the Earned-Income tax provision, by which they receive money which they didn't pay into income tax.

[Cold Heat]

If the government was serious about saving money, which they're not, they could begin by stopping all of the benefits they are giving to illegal aliens.

And what benefit would those be?

Illegals do not get federal bennies.

The legals do.(not that they might share them with illegals)

[SierraWasp]

"This is just knee jerk stuff."

Well, I for one, wish he would step away from the microphone!!!

I just put some more in the market and we've had five consecutive down days and he's hamming it up on the microphone trying to make it a sixth day!!!

[Cold Heat]

You talk about cuts like a democrat.

Deferral and cut are not the same.

[SierraWasp]

11:42 Greenspan again rejects specific inflation target
11:41 Greenspan: Probability of deflation lower, but not zero

He just can't/won't STFU!!!

[Protagoras]

The only way a ponzi scheme such as this can end is in government default.

They will disguise it, but it will be default. They will default by cutting the promises back or by inflating the money and devaluing the money they pay back with. Probably both.

[Cold Heat]

Low-income households get their SS deductions "rebated" through the Earned-Income tax provision

That point should be well taken.

Should be.

[rintense]

Yeah, but all the Democrats hear is, 'CUT Social Security'. Abd they will play that up in the next month. Just watch.

[Cold Heat]

Yes, the end of the world is near![sarc]

[Cold Heat]

STFU! LOL!:-)

[happygrl]

The real market problem today is a mis-read and fear of what Putin did.

They SHOULD be reading FR, then....

[Protagoras]

I miss the meaning of that comment.

[Grampa Dave]

BS.

Remarks like yours will scare the old people on SS who will not receive a cut if there are changes.

Come on. You are sounding like the gloomers and doomers on this. The proposals are not cuts for those of us on SS now, from my age of 65 to higher. That is the same language the liberals use when a conservative plans to reduce future spending. They scream cuts, and there have been no cuts, just reductions of proposed spending.

Use your excellent mind and economic sense to create a system where you and younger people can invest part of your social security payments into the markets. Whining about this is where the libs are. Younger conservatives will try to take these comments and in 2005 and beyond create a better program for them and their family.

[Cold Heat]

yeah, he is just exciting his base, because if the voter turnout is below 51%, the election is voided by Russian law.

There is little interest in the election, so he is spicing it up.

[Grampa Dave]

Amen, fellow conservative:

To: expatpat

You talk about cuts like a democrat. Deferral and cut are not the same.