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 Posted: 02/25/04 - 14:20 Post subject: Greenspan urges cutting Social Security to pay off deficit
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Say what you want, heres your cause and effect right here.
Funny part is this tools own benefits wont be touched by his plan.
Heres a thought instead:
Stop the m***********g SPENDING and leave OUR benefits alone.
WASHINGTON - Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to deal with the country’s escalating budget deficit by cutting benefits for future Social Security retirees. Without action, he warned, long-term interest rates would rise, seriously harming the economy.
In testimony before the House Budget Committee, Greenspan said the current deficit situation, with a projected record red ink of $521 billion this year, will worsen dramatically once the baby boom generation starts becoming eligible for Social Security benefits in just four years.
He said the prospect of the retirement of 77 million baby boomers will radically change the mix of people working and paying into the Social Security retirement fund and those drawing benefits from the fund.
“This dramatic demographic change is certain to place enormous demands on our nation’s resources — demands we will almost surely be unable to meet unless action is taken,” Greenspan said. “For a variety of reasons, that action is better taken as soon as possible.”
But while Greenspan urged urgency, Congress is unlikely to take up the controversial issue of cutting Social Security benefits in an election year.
Greenspan, who turns 78 next week, said that the benefits now received by current retirees should not be touched but he suggested trimming benefits for future retirees and doing it soon enough so that they could begin making adjustments to their own finances to better prepare for retirement.
Greenspan did not rule out using tax increases to deal with the looming crisis in Social Security, but he said that tax hikes should only be considered after every effort had been made to trim benefits.
“I am just basically saying that we are overcommitted at this stage,” Greenspan said in response to committee questions. “It is important that we tell people who are about to retire what it is they will have.” He warned that the government should not “promise more than we are able to deliver.”
While the country is currently enjoying the lowest interest rates in more than four-decades, Greenspan warned that this situation will not last forever. He said financial markets will begin pushing long-term interest rates higher if investors do not see progress being made in dealing with the projected huge deficits that will occur once the baby boomers begin retiring.
“We are going to be confronted ... in a few years with an upward ratcheting of long-term interest rates which will be very debilitating for long-term growth,” Greenspan told the committee if the deficit problem is not addressed.
Ok Now Im waiting for the sycophants to say why loss of social security benefits is GOOD for us and to thank the Bush admin for letting things get this f****d up.
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Confused
RealPoor Master of Posts
Joined: 08 Feb 2004
Posts: 6730
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Posted: 02/25/04 - 14:32 Post subject:
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I am so f*****g for this it's not even funny. I've paid tens of thousands of dollars into social security that I will never see. Social Security was a mistake. It just took people's money, isolated the elderly from their families (we are forced to spend money on nursing homes instead of taking care of them), unproductively removes money from the economy and is borderline theft. The only reason it exists is because old f***s are too f*****g greedy to let their kids keep their own money. Social Security can't end soon enough.
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Guest
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Posted: 02/25/04 - 14:47 Post subject:
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Oh you'll still pay social security =)
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Xion
RealPoor Guru
Joined: 11 Oct 2002
Posts: 2117
Location: Los Angeles, CA
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Posted: 02/25/04 - 14:49 Post subject:
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There needs to be some sort of retirement benefit, but I think fully allowing your elderly to live off the government is too big of a leech on the economy.
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wellspoken
RealPoor Master of Posts
Joined: 01 Feb 2003
Posts: 7137
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Posted: 02/25/04 - 14:59 Post subject:
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| Phoenix wrote: | | I am so f*****g for this it's not even funny. I've paid tens of thousands of dollars into social security that I will never see. Social Security was a mistake. It just took people's money, isolated the elderly from their families (we are forced to spend money on nursing homes instead of taking care of them), unproductively removes money from the economy and is borderline theft. The only reason it exists is because old f***s are too f*****g greedy to let their kids keep their own money. Social Security can't end soon enough. |
Idiot.
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Guest
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Posted: 02/25/04 - 14:59 Post subject:
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Why not? they pay into it all their lives.
And most dont live off of it entirely, for many its a supplement to exisiting retirement plans.
But calling our nations elderly "leeches" is a nice touch.
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KapnKimchi
Luke Warm
Joined: 15 Oct 2003
Posts: 311
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Posted: 02/25/04 - 15:01 Post subject:
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Keep Social Security but cut SSI, Medicare benefits and force employers to pay for health care. There is so much SSI and Medicare abuse, you'd be amazed how much we'd save. If children would take care of their parents rather than throwing them in an old age home, we'd benefit as a society both culturally and fiscally.
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Confused
RealPoor Master of Posts
Joined: 08 Feb 2004
Posts: 6730
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Posted: 02/25/04 - 15:02 Post subject:
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| Jack Crow wrote: | Why not? they pay into it all their lives.
And most dont live off of it entirely, for many its a supplement to exisiting retirement plans.
But calling our nations elderly "leeches" is a nice touch. |
They are leeches and the program was designed such that by the time anybody gets near collecting, they don't want to abandon it because they've wasted so much of their money. Why don't you get a job and pay some taxes, then tell me how it feels to have paid a down payment on a house your first few years of working.
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 02/25/04 - 15:11 Post subject:
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Health care costs will only rise in the future and the government isn't doing anything about it. The government can't even negotiate lower drug costs from companies, it(we) has to pay what they want. What a crock.
Greenspan is 100% correct when he says we have to deal with the enormous deficit when we also take into account the future demands on the government's resources, the solution isn't to just let it get worse and worse until it just collapses.
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compusmack
RealPoor Master of Posts
Joined: 15 Oct 2002
Posts: 6354
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Posted: 02/25/04 - 15:13 Post subject:
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| Phoenix wrote: | | I am so f*****g for this it's not even funny. I've paid tens of thousands of dollars into social security that I will never see. Social Security was a mistake. It just took people's money, isolated the elderly from their families (we are forced to spend money on nursing homes instead of taking care of them), unproductively removes money from the economy and is borderline theft. The only reason it exists is because old f***s are too f*****g greedy to let their kids keep their own money. Social Security can't end soon enough. |
I whole-heartedly agree with you.
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Tolanin
RealPoor Guru
Joined: 16 Oct 2002
Posts: 3551
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Posted: 02/25/04 - 15:16 Post subject:
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funny thing is everyone would be better off if we just paid into private retirement funds as we go along instead of letting the govt do it for us. its a cycle now thats hard to break but it needs to be broken. This is a socialist policy and a horible idea, we need to get off fdrs c**k and get back on track. He was a moron and did more damage to this country than any other president.
It has been known for a long time that SS is balooing out of control, they knew it would happen when clinton was president, green span said it would happen, they knew it would happen when bush sr was president.
THIS ISNT ANYTHING NEW. this is NOT bushs fault at all its being twisted because CNN is a liberal media bastion. I dont know how you feel about paying half your paycheck out to people but i dont like it, in america we should keep our money not send it off to others, thats socialism.
This is the fault of every president since and including FDR, this is the fault of a congress who will not abandon SS after its was PROVEN to be a failure, this is the fault of us for not realizing it or not paying attention to how bad it was. Green Span has been saying this for years, its widely known, if you think its somehow bushes fault then your an uninformed moron who doesnt deserve to live.
Social security spending is a beast all on its own, its payed for by the money that comes in from our pay to SS, it doesnt go to iraq, it doesnt fund anything but SS, and SS is a failure that costs to much. its deficit is caused by the fact that SS has been poorly run from the start, it has nothing to do with bush.
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Guest
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Posted: 02/25/04 - 15:16 Post subject:
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| KapnKimchi wrote: | | Keep Social Security but cut SSI, Medicare benefits and force employers to pay for health care. There is so much SSI and Medicare abuse, you'd be amazed how much we'd save. If children would take care of their parents rather than throwing them in an old age home, we'd benefit as a society both culturally and fiscally. |
Yeah well right or wrong due to all kinds of shit that goes down, unless you make it LAW that children take care of their parents in their old age, its not gonna happen.
(in some cases sure...but not all cases including what if the parents have no children or children themselves are sick)
Cutting medical is not a solution but its a good indicator of the mindset of republicans.
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Rennol
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3741
Location: Charleston, IL
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Posted: 02/25/04 - 15:18 Post subject:
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While it's not entirely Bush's fault, he has done nothing to try to fix it, and it's only been made worse by increases in government spending.
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wellspoken
RealPoor Master of Posts
Joined: 01 Feb 2003
Posts: 7137
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Posted: 02/25/04 - 15:22 Post subject:
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Another reason not to vote for Dubya.
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Tolanin
RealPoor Guru
Joined: 16 Oct 2002
Posts: 3551
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Posted: 02/25/04 - 15:38 Post subject:
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| Rennol wrote: | | While it's not entirely Bush's fault, he has done nothing to try to fix it, and it's only been made worse by increases in government spending. |
He has done nothing, just like every president before him, just like any of the democratic candidate will do. It is not a reason to vote democrat it is a reason to petition our current leaders who are just as likely to change SS than as anyone else to do so.
If you do not grasp how long this has been known for I feel sorry for your ignorance, the fact that SS would become top heavy and taxes would need to be raised significantly to pay for the baby boomers has been known since the 1970s. The democrats have done nothing just as the republicans have done nothing, this is a failure of both parties, this is not the fault of bush, government spending does not affect the money coming into social security, social security is paid for by social security, it is not paid for out of the same revenues that pay for other things. The more I hear democrats talk the more I understand that you vote out of ignorance and speak against bush out of ignorance. Being on his case for not trying to fix SS is fine. He deserves it, being on the side of the democrats because he has not tried is ignorant of the fact that they have also known this and done nothing and ignorant of the way our SS is handled and paid for.
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Guest
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Posted: 02/25/04 - 15:43 Post subject:
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Greenspans proposal was made in DIRECT RELATION to the Bush Administrations deficit.
Cause : Bush 512 billion dollar deficit
Effect: Greenspans reccomendation to cut SS benefits.
And yes youll still pay the same Social Security out of your paychecks, youll just get less when your hairs gray and youre walking slower.]
hahah Side note: Greenspan said it probalby wouldnt happen right now anyway because "its an election year"
wait till Bush gets four more then Booyaaa!
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Confused
RealPoor Master of Posts
Joined: 08 Feb 2004
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Posted: 02/25/04 - 15:47 Post subject:
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I actually think this is great. I previously predicted that a deficit of this nature (which is highly temporary due to reduced tax revenues and a war) would encourage the government to cut programs. Then when government tax revenues increase and the war subsides, we'll be sitting pretty. Gotta love Bush.
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Tolanin
RealPoor Guru
Joined: 16 Oct 2002
Posts: 3551
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Posted: 02/25/04 - 15:51 Post subject:
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| Jack Crow wrote: | Greenspans proposal was made in DIRECT RELATION to the Bush Administrations deficit.
Cause : Bush 512 billion dollar deficit
Effect: Greenspans reccomendation to cut SS benefits.
And yes youll still pay the same Social Security out of your paychecks, youll just get less when your hairs gray and youre walking slower.]
hahah Side note: Greenspan said it probalby wouldnt happen right now anyway because "its an election year"
wait till Bush gets four more then Booyaaa! |
nope no it wasnt, green span has made this proposal before when clinton was president too, he has warned of this coming, but now we are all that much closer to the day when 77 million americans retire, your really really dumb i gotta say, you twist what greenspan said so much, you use CNNs article on him like it was a direct quote, lemme give ya a hint, its not CNN wrote that, greenspan didnt say it in that context. With increasing deficits in the SS program as more people retire it will either need to be cut or taxes raised. This would have happened regardless of who was president, regardless of how the economy was doing, regardless of any wars.
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Starks
Toomuchtimeonhands
Joined: 17 Oct 2002
Posts: 865
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Posted: 02/25/04 - 15:53 Post subject:
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| Quote: | He has done nothing, just like every president before him, just like any of the democratic candidate will do. It is not a reason to vote democrat it is a reason to petition our current leaders who are just as likely to change SS than as anyone else to do so.
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Before Dubya took office the budget was BALANCED.
| Quote: | | I am so f*****g for this it's not even funny. I've paid tens of thousands of dollars into social security that I will never see. Social Security was a mistake. It just took people's money, isolated the elderly from their families (we are forced to spend money on nursing homes instead of taking care of them), unproductively removes money from the economy and is borderline theft. The only reason it exists is because old f***s are too f*****g greedy to let their kids keep their own money. Social Security can't end soon enough. |
Phoenix has become the my new favorite board troller. I am assuming you are 100% self made, no help from your parents and your parents had no help from their grandparents. I too pay thousands and thousands into social security and I can only wish that I will be in the position where I am not eligible to receive it's benefits. Phoenix you are proving that you are exactly what is wrong with the world, not just the country. You me, me, me, me first, and me next attitude shows that you are a non-christian hypocrite. I guess you also think that all charity should be banned and all poor people should be burned.
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Guest
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Posted: 02/25/04 - 15:53 Post subject:
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| Phoenix wrote: | | I actually think this is great. I previously predicted that a deficit of this nature (which is highly temporary due to reduced tax revenues and a war) would encourage the government to cut programs. Then when government tax revenues increase and the war subsides, we'll be sitting pretty. Gotta love Bush. |
And when the smoke clears , we as citizens will have less than before.
Assuming the smoke does clear, his record predicts the contrary.
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Confused
RealPoor Master of Posts
Joined: 08 Feb 2004
Posts: 6730
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Posted: 02/25/04 - 15:55 Post subject:
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| Starks wrote: | | Quote: | He has done nothing, just like every president before him, just like any of the democratic candidate will do. It is not a reason to vote democrat it is a reason to petition our current leaders who are just as likely to change SS than as anyone else to do so.
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Before Dubya took office the budget was BALANCED.
| Quote: | | I am so f*****g for this it's not even funny. I've paid tens of thousands of dollars into social security that I will never see. Social Security was a mistake. It just took people's money, isolated the elderly from their families (we are forced to spend money on nursing homes instead of taking care of them), unproductively removes money from the economy and is borderline theft. The only reason it exists is because old f***s are too f*****g greedy to let their kids keep their own money. Social Security can't end soon enough. |
Phoenix has become the my new favorite board troller. I am assuming you are 100% self made, no help from your parents and your parents had no help from their grandparents. I too pay thousands and thousands into social security and I can only wish that I will be in the position where I am not eligible to receive it's benefits. Phoenix you are proving that you are exactly what is wrong with the world, not just the country. You me, me, me, me first, and me next attitude shows that you are a non-christian hypocrite. I guess you also think that all charity should be banned and all poor people should be burned. |
It's not charity, d*****t. Read my post. Young people have been distance by the elderly because of social security. There was a time they relied on us. Now they rely on the government. They sit alone in nursing homes yearning for death while we work overtime to pay the bloated interest-free fees.
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wellspoken
RealPoor Master of Posts
Joined: 01 Feb 2003
Posts: 7137
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Posted: 02/25/04 - 16:00 Post subject:
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| Phoenix wrote: | | Starks wrote: | | Quote: | He has done nothing, just like every president before him, just like any of the democratic candidate will do. It is not a reason to vote democrat it is a reason to petition our current leaders who are just as likely to change SS than as anyone else to do so.
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Before Dubya took office the budget was BALANCED.
| Quote: | | I am so f*****g for this it's not even funny. I've paid tens of thousands of dollars into social security that I will never see. Social Security was a mistake. It just took people's money, isolated the elderly from their families (we are forced to spend money on nursing homes instead of taking care of them), unproductively removes money from the economy and is borderline theft. The only reason it exists is because old f***s are too f*****g greedy to let their kids keep their own money. Social Security can't end soon enough. |
Phoenix has become the my new favorite board troller. I am assuming you are 100% self made, no help from your parents and your parents had no help from their grandparents. I too pay thousands and thousands into social security and I can only wish that I will be in the position where I am not eligible to receive it's benefits. Phoenix you are proving that you are exactly what is wrong with the world, not just the country. You me, me, me, me first, and me next attitude shows that you are a non-christian hypocrite. I guess you also think that all charity should be banned and all poor people should be burned. |
It's not charity, d*****t. Read my post. Young people have been distance by the elderly because of social security. There was a time they relied on us. Now they rely on the government. They sit alone in nursing homes yearning for death while we work overtime to pay the bloated interest-free fees. |
Idiot.
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Tolanin
RealPoor Guru
Joined: 16 Oct 2002
Posts: 3551
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Posted: 02/25/04 - 16:01 Post subject:
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| Starks wrote: | | Quote: | He has done nothing, just like every president before him, just like any of the democratic candidate will do. It is not a reason to vote democrat it is a reason to petition our current leaders who are just as likely to change SS than as anyone else to do so.
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Before Dubya took office the budget was BALANCED.
| Quote: | | I am so f*****g for this it's not even funny. I've paid tens of thousands of dollars into social security that I will never see. Social Security was a mistake. It just took people's money, isolated the elderly from their families (we are forced to spend money on nursing homes instead of taking care of them), unproductively removes money from the economy and is borderline theft. The only reason it exists is because old f***s are too f*****g greedy to let their kids keep their own money. Social Security can't end soon enough. |
Phoenix has become the my new favorite board troller. I am assuming you are 100% self made, no help from your parents and your parents had no help from their grandparents. I too pay thousands and thousands into social security and I can only wish that I will be in the position where I am not eligible to receive it's benefits. Phoenix you are proving that you are exactly what is wrong with the world, not just the country. You me, me, me, me first, and me next attitude shows that you are a non-christian hypocrite. I guess you also think that all charity should be banned and all poor people should be burned. |
The budget was temporarilly balanced, money was fed from other areas into social security to stop its deficit from increasing, this is the same as a SS tax increase. The budget was not balanced long term, it was known that it would be impossible to balance the budget for SS once it got to this stage, it was known that the baby boomers would make the number of retired people to high to suport SS anymore at its current amounts. Clinton ran as fast as he could to stay in front of the SS monster, now it is running faster and you expect Bush to still stay ahead of it, but now at current input levels we can no longer outrun it and you want him to fly.
This moment has been breed from the start of the baby boom, that was tha catalist this is the result. Costs keep going up and up they were running out from under a falling wall, but the wall was falling slightly faster than they could run and every year it got closer, they knew this, and finally the wall has hit the ground and trapped us and you ask us to believe it is the fault of one man who controled the situation for less than 1/10th of the time that the wall was falling. You are ignorant of the way things are.
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Guest
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Posted: 02/25/04 - 16:05 Post subject:
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Proper management keeps Social Security alive.
Mismanagement brings about this kind of horseshit.
Greenspan himself said this is due to the s****y deficit.
Anyway it wont be cut this year anyway, and when Kerry gets elected, you can count on not losing your benefits as all.
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Guest
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Posted: 02/25/04 - 16:06 Post subject:
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/quote
The budget was temporarilly balanced
******************
hey you got that part right!
Then along came Bush and boom!
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Tolanin
RealPoor Guru
Joined: 16 Oct 2002
Posts: 3551
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Posted: 02/25/04 - 16:08 Post subject:
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you can count on higher taxes, you moron you dont even understand social security has been a deficit from the start, your twisting what greenspan said you dont even grasp what is going on, you can barely fathom that something could have started and been a powder keg since the start and not just the 4 years of bush. You dont understand, proper management cannot pull money out of thin air, there is to much being paid out in SS and to little going in at current rates. What would a democrat do? Kill old people? Other than a benefits cut or a tax increase thats the only option.
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Confused
RealPoor Master of Posts
Joined: 08 Feb 2004
Posts: 6730
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Posted: 02/25/04 - 16:08 Post subject:
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| Jack Crow wrote: | Proper management keeps Social Security alive.
Mismanagement brings about this kind of horseshit.
Greenspan himself said this is due to the s****y deficit.
Anyway it wont be cut this year anyway, and when Kerry gets elected, you can count on not losing your benefits as all. |
Social security will die if...
A) We do not raise social security taxes to near 50% of income or...
B) We do not significantly cut the program
SS was an ill-conceived, short-sighted program by a quasi-socialist president. It will be unable to sustain itself without very significant changes because the baby-boomer population has created a structure on too weak a foundation. Also...you're an idiot.
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Confused
RealPoor Master of Posts
Joined: 08 Feb 2004
Posts: 6730
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Posted: 02/25/04 - 16:09 Post subject:
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| Jack Crow wrote: | /quote
The budget was temporarilly balanced
******************
hey you got that part right!
Then along came Bush and boom! |
The budget became unbalanced when bush was taking office because the recession began the month he was sworn in. Tax revenues significantly dropped off at that point...d*****s.
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Tolanin
RealPoor Guru
Joined: 16 Oct 2002
Posts: 3551
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Posted: 02/25/04 - 16:11 Post subject:
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| Phoenix wrote: | | Jack Crow wrote: | /quote
The budget was temporarilly balanced
******************
hey you got that part right!
Then along came Bush and boom! |
The budget became unbalanced when bush was taking office because the recession began the month he was sworn in. Tax revenues significantly dropped off at that point...d*****s. |
And SS was never balanced, cash was being funneled out of other things to pay for it, it was artificially balanced while clinton ignored things like security which is why we lost 2 towers in new york if you remember through you socialist dope induced haze.
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Guest
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Posted: 02/25/04 - 16:16 Post subject:
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What IS Social Security?
The Social Security program was enacted in 1935 in response to the economic hardships imposed by the Great Depression. While the original program paid benefits to a limited number of retired workers, numerous expansions have made Social Security the most comprehensive public program in the United States. Over 90% of American workers participate in the Social Security system, contributing payroll taxes in exchange for publicly provided retirement, disability, and survivors' insurance for themselves and their families. In addition to providing near universal, as well as portable and inflation-resistant, insurance against earnings loss, the Social Security program has a redistributive function that shores up the retirement incomes of life-time low earners, a feature not available in private pension plans
Point : youre still gonna pay Social Security, might as well keep your benefits
Point: Bushs gross mismanagment is the direct reason for Greenfags reccomendation
If the Deficit wasnt so f****d, this topic wouldnt even exist.
Bush..d*****s of a new Century!
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