{"id":1547,"date":"2004-02-25T13:50:00","date_gmt":"2004-02-25T18:50:00","guid":{"rendered":"http:\/\/000af36.netsolhost.com\/wordpress1\/2004\/02\/25\/greenspan_urges\/"},"modified":"2004-02-25T13:50:00","modified_gmt":"2004-02-25T18:50:00","slug":"greenspan_urges","status":"publish","type":"post","link":"http:\/\/griendling.com\/wordpress1\/2004\/02\/25\/greenspan_urges\/","title":{"rendered":"Greenspan Urges Cuts In Social Security Benefits"},"content":{"rendered":"<p>Federal Reserve Chairman Alan Greenspan today urged Congress to consider cutting future benefits for Social Security recipients.  Here\u2019s part of what this AP story includes:<\/p>\n<blockquote><p>&#8220;I am just basically saying that we are overcommitted at this stage,&#8221; Greenspan said in response to committee questions. &#8220;It is important that we tell people who are about to retire what it is they will have.&#8221; He warned that the government should not &#8220;promise more than we are able to deliver.&#8221; <br \/>\nWhile the country is currently enjoying the lowest interest rates in more than four-decades, Greenspan warned that this situation will not last forever. He said financial markets will begin pushing long-term interest rates higher if investors do not see progress being made in dealing with the projected huge deficits that will occur once the baby boomers begin retiring. <br \/>\n&#8220;We are going to be confronted &#8230; in a few years with an upward ratcheting of long-term interest rates which will be very debilitating for long-term growth,&#8221; Greenspan told the committee if the deficit problem is not addressed. <\/p><\/blockquote>\n<p> The method Greenspan suggests to cut benefits seems very similar to that recommended in <a href=\"http:\/\/www.amazon.com\/exec\/obidos\/ASIN\/1586481584\/002-5841096-6658465\">\u201cThe 2% Solution:  Fixing America\u2019s Problems in Ways Both Liberals and Conservatives Can Love\u201d by Matthew Miller<\/a>.  That method requires indexing benefit increases to price, not average wage, increases.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Reserve Chairman Alan Greenspan today urged Congress to consider cutting future benefits for Social Security recipients. Here\u2019s part of what this AP story includes: &#8220;I am just basically saying that we are overcommitted at this stage,&#8221; Greenspan said in response to committee questions. &#8220;It is important that we tell people who are about to&hellip; <a href=\"http:\/\/griendling.com\/wordpress1\/2004\/02\/25\/greenspan_urges\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/posts\/1547"}],"collection":[{"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/comments?post=1547"}],"version-history":[{"count":0,"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/posts\/1547\/revisions"}],"wp:attachment":[{"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/media?parent=1547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/categories?post=1547"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/griendling.com\/wordpress1\/wp-json\/wp\/v2\/tags?post=1547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}