If this is the purpose (Frankly, I think they deserve more), why don't you just argue in favor of making and funding whatever level of payments achieve this goal. Why confuse the issue with some off-point retirement scheme. Just figure out what is needed to accomplish the goal and raise that amount from current producers. Whatever that frees up (7.65%, less, more, whatever) is yours to save, spend, or give away. Very simple.
He is a shameless POLITICIAN that has done injustice to every principle he has written eloquently about in the past. He will say whatever he needs to to make whatever political point he wants to make.
You beat up on Greenspan, fine, Congress is worse. Now for you to tell me that I should trust them to fund my retirement and that I shouldn't look to improve my return is just silly.
You finally hit on my point
Just figure out what is needed to accomplish the goal and raise that amount from current producers. Whatever that frees up (7.65%, less, more, whatever) is yours to save, spend, or give away. Very simple.
If the government can make a one time lump sum payment to fund every current recipients benefits and allow everyone else to invest their own contributions so that they won't need the government to pay them when they retire, the interest cost to the gov would be 4-6% at current rates. Can't the private sector earn more than that?