February 26, 2004
Sounds Like a Good Plan
Greenspan urges cuts to future Social Security, Medicare benefits“Federal Reserve Chairman Alan Greenspan weighed in Wednesday on the contentious debate over the future of Social Security and Medicare by suggesting that Congress scale back future benefits, saying America can’t afford the programs.”
Sounds like a good plan to me. Let’s scale back the future benefits and allow the younger workers who would be affected invest a portion of their SS taxes in private accounts. I’ve always said I’d be willing to give up any benefits I’ve already earned if I was allowed to put future payments into a private account.
Posted by JasonTromm at February 26, 2004 11:14 AMUnfortunately, that’s not how it would work. And you’re missing the bigger picture, which is that Greenspan says future benefits should be cut and the retirement age should be INCREASED. Certainly that’s not something you would go along with…
The Passion Of The Fed Chairman:
“Greenspan went on to suggest raising the retirement age, though he slipped it in using his customary circumlocution: “Another possible adjustment relates to the age at which Social Security and Medicare benefits will be provided. Under current law, and even with the so-called normal retirement age for Social Security slated to move up to 67 over the next two decades, the ratio of the number of years that the typical worker will spend in retirement to the number of years he or she works will rise in the long term.”
In other words people are just living too long.”
Posted by: Anthony at February 26, 2004 11:28 AMYes, I do go along with what Greenspan is saying. A long time ago, I started planning for my retirement. My financial advisor and I talked about SS then. My feeling was that there wouldn’t be any money left in the SS system by the time I retired, so I’m not counting on the government for anything.
If you haven’t made adequate plans your your retirement, that’s not my fault. I don’t want to pay higher taxes to support you.
Posted by: JasonTromm at February 26, 2004 11:34 AMWell you’re missing the point that working citizens’ money was taken out of their paychecks to support Social Security and now the gov’t is planning on taking that retirement money away. That is not only unfortunate, but just wrong.
Posted by: Anthony at February 26, 2004 11:48 AMI agree with Anthony. SS is being made the scapegoat here. SS has been running a large surplus which by law was used to finance regular government operations via the purchase of treasury bills. Now when the bills come due congress can’t default on them, so they decide to cut the amount of benefits or just increase the age when the benefits come due. This is outrageous.
Posted by: Buck at February 26, 2004 12:40 PMSo the government should continue to steal money from my pocket, possible at higher rates in the future, to support a system that is morally and financially bankrupt?
Posted by: JasonTromm at February 26, 2004 12:57 PM
