Yahoo! News – Greenspan Urges Social Security Cuts: “WASHINGTON – Federal Reserve (news – web sites) Chairman Alan Greenspan (news – web sites) urged Congress on Wednesday to deal with the country’s escalating budget deficit by cutting benefits for future Social Security (news – web sites) retirees rather than raising taxes. ”
Fellow Gen-Xers, break out the lube, we’re about to get hosed. Not only will we get to pay for the Baby Boomer’s retirement through higher taxes (gov’t cut spending?!), but we’ll have to live to 80 to get 50% of what we were promised.
Social Security was a good idea poorly implemented. We need a major overhaul and soon.