More on Greenspan - posted by BCH on the FOOL
The Many Faces of Eve
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globeandmail.com
Greenspan warns boomers over future
Perpetual deficits said likely if Congress doesn't rein in pension and health benefits
By BARRIE McKENNA
Thursday, February 26, 2004 - Page B8
Mr. Greenspan gave Mr. Bush and tax cut supporters a crucial endorsement by suggesting in 2001 that letting the then budget surplus grow too large might be damaging to the economy. He acknowledged yesterday that the tax cuts have helped swell the deficit. But members of the committee failed to pick up on the apparent inconsistency, and none asked about his earlier enthusiasm for tax.
And in his prepared testimony, Mr. Greenspan spoke of the damaging effect of accumulating too much debt, which he warned would "drain away funds from private capital formation" and curb rising living standards.
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detnews.com
Thursday, February 26, 2004
Greenspan: Slash retiree benefits
Fed chief tells Congress to deal with deficit by reducing Social Security
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aolsvc.news.aol.com
Updated: 01:42 AM EST
Greenspan Urges Social Security Cuts to Help Deficit
Baby Boom Generation Becomes Eligible for Benefits In Just Four Years
By MARTIN CRUTSINGER, AP
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baltimoresun.com
Social Security cuts will be necessary, Greenspan warns
Fed chairman urges step as way to avert effects of huge budget deficit; 'Challenge is enormous'
By Bill Atkinson and Eileen Ambrose
Sun Staff
Originally published February 26, 2004
President Bush, who was meeting yesterday in the White House with Georgian President Mikhail Saakashvili, said in response to a reporter's question that Social Security benefits "should not be changed for people at or near retirement."
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releases.usnewswire.com
Greenspan 'Rash and Wrong' on Social Security Deficit, Says Former House Aging Committee Staff Director
2/25/04 4:16:00 PM
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onbusiness.ie
February 25, 2004
US Federal Reserve chairman Alan Greenspan said today that the American economy is bolting forward in early 2004 but he pleaded for urgent action on a looming budget crisis.
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freep.com
Greenspan: Cut Social Security to boomers
Fed chairman warns U.S. can't afford to keep current payouts
February 26, 2004
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RUSH LIMBAUGH
rushlimbaugh.com
CNN Misreports Greenspan on Social Security Cuts
February 25, 2004
You can hear my answer to his question in the audio link below, where I focus on the way CNN spun this. They reported that Greenspan said: We Must Raise Taxes, or We'll Have to Cut Social Security. Greenspan isn't saying that. He's saying that Social Security benefits are going to have to be reduced for future recipients otherwise tax increases will be necessary to pay for them. Rush to earth! This is not anything new. For fifteen years we have been warning you here that there won't be enough taxpayers to pay future Social Security obligations.
We've all known this would be the case, which is why a number of reasonable people are talking about reforming the system. This is what Greenspan is warning of with this speech. It's a push for reform. He's not urging increasing taxes. That's what CNN wants to happen, and they want people to get frightened into thinking that Bush is going to cut their Social Security. Neither is the case -- despite what their banner, pictured above, seems to indicate to Seniors who happen to catch the video image only.
Listen to Rush...
: )
I guess the operative word in all this double talk is "reduce" social security as opposed to "cut" social security.
How he finds enough people to listen to him is beyond me!!! |
