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conservativerebel.blogspot.com

Tuesday, March 15, 2005

Sacrifices Needed On Both Sides

Greenspan Calls for Social Security Fixes

WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan issued a fresh call to Congress Tuesday to move promptly to put Social Security on firm financial footing, warning that doing nothing would lead to massive budget deficits and cause the "economy to stagnate or worse."

Greenspan, in remarks to the Senate Special Committee on Aging, said the looming retirement of 78 million baby boomers will put a huge strain on the Depression-era retirement program and aggravate the country's already bloated budget deficits.

"Unless the trend is reversed, at some point these deficits would cause the economy to stagnate or worse," Greenspan said.

The Fed chief again endorsed a key part of President Bush's Social Security overhaul - to create private investment accounts - and said officials must proceed slowly in setting them up. But Greenspan also said that Congress must move ahead quickly to do other things to fix the retirement program's financing problems...
The deadlock that is currently taking place in Washington isn't helping anyone, Democrats or Republicans. Democrats are refusing to budge unless private accounts are taken off the table, and Republicans are refusing to continue with reform unless private accounts are included. So what is the solution? Unfortunately, this year, we might not see one, since everyone is already so devoted to their partisan beliefs it seems unlikely anyone is going to budge anytime soon.

At this point, I'm ready to sacrifice part of my idealogy and accept the fact that private accounts are never going to get passed without Democrat support, and at the least Republicans need to acknowledge a combination of benefit cuts and tax increases might be the only solution to get them on board. What is more important, not having a tax increase or benefit cut, or not being able to create the private accounts? I'm willing to sacrifice some of my anti-tax increase beliefs, if given the opportunity to be able to start investing some of my Social Security funds into a private account. Are the Democrats willing to give up their strong opposition to private accounts, something that many of them have supported in the past, if we Republicans admit that raising the retirement age and $90k cap might be a good way to compromise? It'll be interesting to see.


 
conservativerebel.blogspot.com: Sacrifices Needed On Both Sides <body>

conservativerebel.blogspot.com

Tuesday, March 15, 2005

Sacrifices Needed On Both Sides

Greenspan Calls for Social Security Fixes

WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan issued a fresh call to Congress Tuesday to move promptly to put Social Security on firm financial footing, warning that doing nothing would lead to massive budget deficits and cause the "economy to stagnate or worse."

Greenspan, in remarks to the Senate Special Committee on Aging, said the looming retirement of 78 million baby boomers will put a huge strain on the Depression-era retirement program and aggravate the country's already bloated budget deficits.

"Unless the trend is reversed, at some point these deficits would cause the economy to stagnate or worse," Greenspan said.

The Fed chief again endorsed a key part of President Bush's Social Security overhaul - to create private investment accounts - and said officials must proceed slowly in setting them up. But Greenspan also said that Congress must move ahead quickly to do other things to fix the retirement program's financing problems...
The deadlock that is currently taking place in Washington isn't helping anyone, Democrats or Republicans. Democrats are refusing to budge unless private accounts are taken off the table, and Republicans are refusing to continue with reform unless private accounts are included. So what is the solution? Unfortunately, this year, we might not see one, since everyone is already so devoted to their partisan beliefs it seems unlikely anyone is going to budge anytime soon.

At this point, I'm ready to sacrifice part of my idealogy and accept the fact that private accounts are never going to get passed without Democrat support, and at the least Republicans need to acknowledge a combination of benefit cuts and tax increases might be the only solution to get them on board. What is more important, not having a tax increase or benefit cut, or not being able to create the private accounts? I'm willing to sacrifice some of my anti-tax increase beliefs, if given the opportunity to be able to start investing some of my Social Security funds into a private account. Are the Democrats willing to give up their strong opposition to private accounts, something that many of them have supported in the past, if we Republicans admit that raising the retirement age and $90k cap might be a good way to compromise? It'll be interesting to see.