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Greenspan fortells doom if the U.S. doesn't get on top of the budget deficit<br>
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<p class="MsoNormal"
style="margin: 0in 0in 0pt; direction: ltr; unicode-bidi: embed; text-align: left;"><font
size="2"><span lang="EN-GB">" there could be severe consequences for the
<st1:country-region w:st="on"><st1:place w:st="on">US</st1:place></st1:country-region>
economy if </span></font><font size="2"><span lang="EN-GB">policy-makers
do not attack a federal budget deficit that is projected to soar with baby-boomer
retirements. </span><span lang="AR-SA" dir="rtl"
style="font-family: 'Times New Roman';"><o:p></o:p></span></font></p>
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<p class="MsoNormal"
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size="2"><span lang="EN-GB">In that taped speech to a conference in <st1:city
w:st="on"><st1:place w:st="on">Philadelphia</st1:place></st1:city>, Greenspan
said that Congress would probably have to make "significant adjustments"
in reducing benefits for future </span><span lang="AR-SA" dir="rtl"
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lang="EN-GB"><font size="2">retirees. </font></span></p>
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<p align="left"><font face="verdana" size="1"><b>US finances to be
strained by <br>
78 million retiring baby boomers</b></font></p>
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<p class="MsoNormal"
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size="2"><span lang="EN-GB">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 </span></font><font size="2"><span
lang="EN-GB">been rising rapidly."<br>
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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.<br>
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The gall of these people!<br>
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Joanna<br>
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