Robert 2010-07-31 08:15:07
Maybe you have heard of this guy. Sounds like a good idea to add everybody
to Medicare so it can go bust earlier than expected.
Greenspan Urges prompt Changes
in Social Security and Medicare
Federal Reserve Chairman Alan Greenspan warned in late February that delays
in making necessary changes in Social Security and Medicare to handle the
impending retirement of baby boomers could mean “abrupt and painful”
adjustments later on.
Greenspan told the Senate’s Special Committee on Aging that at some point
policy-makers will have to face up to the fact that as the baby boom
generation begins to retire in 10 years, there will not be enough workers
paying into the Social Security system to support the current level of
He suggested that Congress consider switching to an inflation measurement
that would trim billions of dollars from annual cost-of-living adjustments
provided to the 46 million Social Security recipients.
Greenspan, chairman of a 1983 commission that developed a plan to deal with
an earlier Social Security financing crisis, did not give the Senate’s
Special Committee on Aging a formal list of recommendations.
The Fed chairman said policy-makers face a range of options such as raising
the retirement age or cutting benefits to fix the funding problems for
Social Security and Medicare. He urged Congress to move as quickly as
possible to fix the problems that will see Social Security paying out more
in benefits than it collects in payroll taxes beginning in 2017. Early
decisions on these choices would help prepare future retirees for changes in
the system, he added.