I have never been a big fan of our Federal Reserve Chairman, Mr. Alan Greenspan. Yesterday, when he urged congress to curtail Social Security benefits for future retirees, I have to admit any hope of me ever becoming a fan ended.
In what could only be described as “trickery” or “sleight of hand,” our esteemed Fed chief suddenly pronounced that the retirees that make up the Baby Boom generation, scheduled to begin retiring in 2008 to 2010, will only compound our deficit problems.
This might have come as a surprise to congress and Mr. Greenspan, but, to most baby boomers, who by the way have paid into the system for countless years, the news was somewhat expected.
We never really trusted the Government in the `60s, and, although we might have set aside our distrust in pursuit of family and employment for the last forty or so years, few of us trust our elected officials to look out for us in 2004. We know that we have to look after ourselves.
Just the other week, Chairman Greenspan was postulating that our growing deficit, as a function of GDP, was of no real concern to him. As my grandmother used to say, “Amazing how fast the weather can change” when any of us recant or change our decisions.
Besides, here at PROFIT CONFIDENTIAL, we can’t help but chuckle at the irony of a 78-year-old multi-millionaire suggesting to the powers that be that they curtail the retirement benefits of future generations.
The real irony, however, is that Greenspan never even mumbled a word about how the existing administration got us into this downward deficit spiral and at a rate never before seen in the history of our nation.
Another bit that struck a chord of concern was that he suggested government let people know soon so that they can adjust their retirement plans. Adjust them to what? Americans have enough difficulty saving money as it is. I guess retirees will have to adjust to smaller trailers in out of the way places. I’m thinking Crawford Texas would be a good place for the majority of broke, elderly baby boomers to move to. Crawford Texas, population 70 million!
At PROFIT CONFIDENTIAL, we are truly concerned about our fellow Americans. Are we on the verge of creating the largest (77 million boomers) group of elderly poor that has ever plagued our nation?
We hope not, and we reiterate that we all have to look after our own retirement needs. We’ve warned of the pension plan problems and now the threat of Social Security cutbacks. What else will be taken from us?
At PROFIT CONFIDENTIAL, we grow tired of “we the people” continuing to pay for the excesses of government.