Greenspan fortells doom if the U.S. doesn't get on top of the budget deficit " there could be severe consequences for the US economy if policy-makers do not attack a federal budget deficit that is projected to soar with baby-boomer retirements.
In that taped speech to a conference in Philadelphia, Greenspan said that Congress would probably have to make "significant adjustments" in reducing benefits for future retirees.
US finances to be strained by 78 million retiring baby boomers
He said it appears that the country has promised more than it can afford to deliver in social security and especially Medicare payments, given that health care costs have been rising rapidly."
A calculated program to continue the robbery. Interesting how, without discussion of where these huge deficits come from, they are associated with the cost of future retirement benefits and fixable by cutting back those benefits. Never mind the war, never mind the corporate welfare, never mind the tax cuts for the rich.
The gall of these people! *******************************************
Never mind how much the baby booming working class produced in wealth for the capitalist class to accumulate over the past six decades. Output per worker has skyrockted since 1946. I'm sure Doug has published the figures before. The distance between the wealth we have produced and the meagre amount we have gotten back in wages is enormous! A small fraction of that wealth was put away for our "social security".
Ruling class types like Greenspan are going to try to guilt-trip the working class into accepting the financial burden for mismanagement of the capitalist system e.g. the enormous debt THEY owe to States like China.
Regards, Mike B)
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