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Politics : PRESIDENT GEORGE W. BUSH
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To: American Spirit who wrote (488396)11/6/2003 5:52:55 PM
From: Kenneth E. Phillipps  Read Replies (2) of 769667
 
Greenspan: Social Security and Medicare for the boomers cannot be financed with existing tax rates.

Greenspan pointed out that in just five years, the first wave of Baby Boomers will reach age 62, the earliest age at which they can retire with Social Security benefits. He said about half are expected to retire at that time. With millions more retirees, federal payments and Medicare benefits ''that are promised under current law to future retirees cannot be financed with existing tax rates,'' Greenspan said.

miami.com
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