That worthless old bagel biter is actually saying that in order to make social security solvent, we need to
1) Raise the retirement age.
2) Cut the SS benefits by 5%.
I am against socialist security, but for those that paid into this ponzi scheme they should at least get some return on their FORCED foul investment.
Wonder if Greenie would care to share some additional facts with the american public:
1) Congress gave themselves a 3.4% COLA (cost of living adjustment) but SS recipients only got a 1.2% COLA... Why you ask? THEY USE DIFFERENT FORMULAS !!!
2) Congress can write Zero percent interest bearing bonds against the SS and use for any pet project they want - the SS system is LOADED with Billions of dollars in IOU's.
3) SS was written up as an insurance plan - it is NOT being run as an insurance plan, all "investments" (ie: illegally taken monies) are immediately funnelled out.
Everyone involved in the 2nd greatest scam against the american people should be hung...
Wonder if old greenie would be willing to take a 5% pay cut ????
It needs to be dismantled entirely. FDR had the right idea, but times sure have changed since the 30's. I doubt the Feds will ever get rid of it though. Why let people invest their money in their private retirement funds when the government can just go ahead and hold onto it while they change policy to fit the government's needs.
As you know we've discussed this "system" at length on this board...it is evident that the problem of solvency has existed for decades. No one has the sand to stand up and say:"Folks I have bad news...its time to close down this failed mess."
Instead we have a bleeding 10,000 lb monster with happy-face bandaids pasted all over it.
Kudos to Greenspan for telling it like it is. He has nothing to lose politically.
Which is it you're ticked about...that he said it, or that he didn't bash it hard enough, or that you disagree with the figures as stated?
The guy essentially IS saying that the system is broken and is in need of emergency repairs. Can you name any other president in the last 30 years that had the stones to stand up and say that? (Maybe after he was out of office, but not before he was elected or while he was presiding.)
FDR knew that SS was not a good long term solution! He knew that it would get things going again, but he also knew that he would'nt be around when the bill came due!
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Those who would give up Essential Liberty to purchase a little temporary Safety, deserve neither Liberty or Safety!
Ben Franklin
I LOVE my country, I FEAR my government!
If your mother was an abortion proponent, would you be reading this right now?
Alan Greenspan is a typical elitist crap bag
