Greenspan warns against deficits (says to cut social security)

CNN ^ | 02/24/04

[hoosierboy]

NEW YORK (CNN/Money) - Federal Reserve Chairman Alan Greenspan warned Congress Wednesday to take quick action to fix the nation's swollen budget deficit, saying it could impair the ability to pay Social Security benefits and weigh on the broader economy.

[miloklancy]

I think you are correct that those who are on the top of pyramid should give back to those who won't benefit, but have to pay in. Unfortunately in my case this won't be possible. My parents live in one of most sparsely populated areas of the country and my father owns his own business and just recently began collecting social security as he is of age. They don't make a great income, but if some of the money I'm currently dumping into social security goes to my parents then that's fine. The problem with Social Security, is that when it was conceived it was billed as supplemental income to one's personal retirement fund. Somehow this got twisted soon after, as being your personal retirement courtesy of Uncle Sam. I have made the decision myself, to establish a separate retirement plan through my employer instead of expecting anything out of social security.

[AuntB]

"I guess I can always go the Disability route, which is the only route the govt. is leaving for people with difficult work..."

Possibly, but don't count on it if you're thinking SSA Disability. Example: you work and pay FICA for 30-35 years. Quit work at 50 to care for elderly parents.....a few years later you get hit by a truck...disabled! File for your SSA disability...SORRY! Most people do not realize that the last few years are all that count toward your SSA disability, no matter how long you paid in. These new rules were set up not too many years ago and few realize that their benefits "run out". I know, it happened to me. Also, you will need to hire an attorney to even get through the burdensome, confusing process which will take years as you lose your home, health, everything...and IF you get an approval, medicare doesn't kick in for another two years after that. Check this out:

In addition to meeting our definition of disability, you must have worked long enough--and recently enough--under Social Security to qualify for disability benefits.

Social Security work credits are based on your total yearly wages or self-employment income. You can earn up to four credits each year.

The amount needed for a credit changes from year to year.

The number of work credits you need to qualify for disability benefits depends on your age when you become disabled. Generally, you need 40 credits, 20 of which were earned in the last 10 years ending with the year you become disabled. However, younger workers may qualify with fewer credits. IMPORTANT: Remember that whatever your age is, you must have earned the required number of work credits within a certain period ending with the time you become disabled. Your Social Security Statement shows whether you meet the work requirement at the time it was prepared. If you stop working under Social Security after the date of the Statement, you may not continue to meet the disability work requirement in the future.

http://www.ssa.gov/dibplan/dqualify2.htm ********

Everyone needs to read some of the statements on this petition to begin to understand the nightmare some tax paying citizens..many veterans, are going through. I'm not talking about the SSI program that is welfare for people who have not worked enough to have benefits...who by the way get medicare immediately..no 2 year wait.

http://www.PetitionOnLine.com/SSDC/petition.html

[DustyMoment]

What seems to be missing in all of the discussion is that Congress has grabbed all of the money that was supposed to be set aside for SS and spent it. All that exists to pay SS bebefits to baby boomers is a bunch of IOUs that aren't worth ther paper they are printed on.

This was inevitable because it gives Congress a way out of having to explain why SS in bankrupt when baby boomers have no benefits to draw.

This should do much to please the Gen X & Yers who have previously whined about "selfish baby boomers". Yeah, I am thrilled to have had a portion of my earnings confiscated by the government for the past 30+ years so that I can get nothing back.

Government! Gotta love it.

[SierraWasp]

"The stench is intolerable."

It's the Demon-ic-rat Party's new "Aroma Therapy!"

I smell a Jorge Soros/Hairy Kerry/Thresa Hiney Gas Passing!!! (phew!)

[Grampa Dave]

That rant is so foul, I will not approach it.

[SierraWasp]

"Hopefully he has left and isn't babbling any more."

Greenspam is an "Odorized Un-Natural Gas!!!" (or should I say odious? I'd sometimes like to say adios!)

[Moonman62]

While I recall several Economists saying that this connection exists, it has never happened and Greenspan, to my knowledge has never stated it in this way. Someone correct me if I am wrong.

I would think that interest rates reflect the risk of not getting all my money back. I guess another factor if I'm loaning money is if I can get a better return somewhere else.

[AuntB]

"What seems to be missing in all of the discussion is that Congress has grabbed all of the money that was supposed to be set aside for SS and spent it. All that exists to pay SS bebefits to baby boomers is a bunch of IOUs that aren't worth ther paper they are printed on"

A start would be to remove SSI (Supplemental Security Income) out of the Social Security arena all together. These payments go to people who have not paid into the SS system...it is welfare and and has no place in our paid into retirement/disability. Also see post #118, 122

[Grampa Dave]

If Bob could figure out how to harvest, transport and market that hot gas, we would not have an energy shortage when combined with what the libs emit each day.

[Kozak]

And personally, I'd like to see them add means testing to those who remain on the plan.

Then lets sh#tcan the whole thing and call it what it is. Welfare for the elderly. Because thats what it will be under your proposal.

[anniegetyourgun]

Sorry...I was just trying to be realistic.

[AbsoluteJustice]

YOU ARE 100% CORRECT

And guess who the big spenders are these 4 years?

The Republicrats!

They spend just as much as the Demicans....Both talk talk talk talk (smaller gov, less programs, less this less that)

Us conservatives have bought into this every years but it is HOGWASH and a lie. Both parties spend till their hearts content then when they can't find the $$$ The states hit ya on property tax, school tax, city, county, sales, CAR TAX it goes on and on.

I am really getting sick of Guberment.

[petercooper]

Are you kidding. They'll jump in their new Caddy Devilles and race down there. The elderly is the wealthiest segment of the popluation.

Cut SS benefits and raise the retirement age.

[steve86]

A start would be to remove SSI (Supplemental Security Income) out of the Social Security arena all together.

Maybe it could be removed -- I don't know.

A young step-relative of mine just qualified for SSI Disability (I basically did the applications). She was born with approximately 20% heart function. To me it seems a reasonable use of tax money in a civilized society. Sadly, I guess there are people around her would rather see her shrivel up. Unfortunately, the amount of the award is not enough to pay even for subsidized rent in many places.

[AbsoluteJustice]

I agree to a point.....Ever see government housing? Ever see 80% of those in it collecting SSI/SS and other monies?

It is being abused at the highest levels and it tarnishes instances such as yourself.

[steve86]

Yes, I have heard rumors about all kinds of abuses as well. But I have only dealt personally with two instances of SSI disability awards. This one, clearly justified. Another, definitely less severe but still what you would call disabled. Her award was terminated when she demonstrated she she could hold a minimum wage job. Not reduced, but terminated! And her father is a SS employee! That action seemed kind of abrupt to me.

[WhiteGuy]

It will take bold leadership to onece-and-for-all FIX the SS and MEDICARE problem.

Unfortunately, we have leadership that believes that nation building in oil rich third-world countries is more important than the future of AMERICANS.

That's what we get for electing politicians.

[Kerberos]

Hey, what did you thing the savers tax credit, introduced last year, was about?