Greenspan calls for tax cuts to be made permanent

[tobius]

Greenspan: Make Bush Tax Cuts Permanent

Thu Feb 12,10:56 PM ET



By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) said Thursday that Congress should make President Bush (news - web sites)'s tax cuts permanent and cover the $1 trillion price by trimming future benefits in Social Security (news - web sites) and other entitlement programs.
Committee members questioned whether such proposals could pass Congress, especially because they would cut benefits for the 77 million Americans in the baby boom generation who are nearing retirement age. http://story.news.yahoo.com/news?tmpl=story&cid=530&e=2&u=/ap/20040213/ap_on_bi_ge/greenspan


But Greenspan said it was precisely as a result of that looming wave of retirement that lawmakers need to update Social Security, Medicare and other entitlement programs.

"We have constructed a good deal of the benefit structure over the last quarter century without a real firm look at whether or not the real resources were there to meet those benefits," Greenspan said. "And I suggest that what we have to do, as difficult as it's going to be, is to relook at some of these commitments."

Greenspan said it would be far better to do that now than to discover later that the government does not have the resources to meet baby boomers' needs.


Greenspan looking to stay longer?

[JasonDeter]

1. Greenspan raised the interest rates through the roof during Clinton.

Lowered interest rates 11 times for bush 1 and lowered interest rates to the floor for bush* 2. I'm amazed that baby boomers are putting their economic well being in the hands of very rich white stupid republican men who have absolutely no idea what it takes for the regular guy to get along. bush 1 was perfectly reasonable compared to his idiot son because when he saw the economic problems facing America he raised taxes (as did reagan) but since bush* was selected this group of old white republican men seem to have lost all common sense!

[papau]

40. "UPDATE" Social Security/Medicare" means cut $1 trillion- give to tax cut

Dickens is now required reading!

[Vitruvius]

51. The Greenspan Commission of 1983 HIKED Social Security taxes to pre-fund

the boomers' retirement. He and his right-wing buddies saddled us with the highest Social Security taxes in history and raised our retirement age -- all to accumulate a Social Security Trust fund surplus that would peak at $6 trillion dollars and pre-fund the Boomers' retirement.

Then -- under Reagan -- Greenspan supported the Reagan tax cuts for the rich which squandered over a trillion of the surplus WE paid for. The surplus that Greenspan and his VRWC buddies FORCED us to pay for.

Then -- under Bu$h -- Greenspan supported the Bu$h tax cuts for the rich. Tax cuts which reputable economists repeatedly warned amounted to giving the rest of the peoples' Social Security Trust Fund surplus to the rich.

And now Greenspan the double-crossing SWINE wants to make the Bu$h tax cuts permanent and GUT Social Security to pay for it.

To summarize: First Greenspan and the Rethugs forced us to pay-and-pay-and-pay to fund a $6 trillion dollar Social Security surplus; then they immediately stole $1 trillion under Reagan, now they're stealing the rest under Bu$h.

And it's dog-food for us in our old age if they get their way. All so the Rethug rich can get richer by stealing what we paid in FICA all those years.

The bottom line: Greenspan rammed thru his Social Security tax hikes so he and his fellow Rethugs could steal the money for themselves. Via tax cuts for the rich, pork-barrel contracts for Halliburton, GE, and the like, etc...

If there ever is a revolution, I hope to see every last one of those Rethugnican thieves and their spoiled-rotten families sentenced to prison for life -- eating the same dogfood they think we should eat in our old age.

[54anickel]

72. Great post! n/t

[PA Democrat]

75. Social Security Taxes Receipts vs. Outlays

Great summary of the problem Vitruvius. I don't think the vast majority of Americans are aware of how the government is ripping off the average American who is unaware of how their Social Security contributions are being diverted.

My question is this, does anyone have current figures for the governments Social Security tax receipts compared to Social Security payments to current recipients. It would be great top be able to say that x% of your Social Security contributions are being used to fund Bush's tax cuts of which y% go to the top 1% of income earners.

[SemperEadem]

48. sounds like Greenspan has alzheimers

no sense of reality

[Vitruvius]

54. No, Greenspan has a bad case of GREED -- and thinks he and the Rethug rich

can get away with stealing OUR Social Security surplus that WE paid for. So Greenspan and the other Rethug rich get richer while we eat dogfood in our old age.

Rethugs have no respect for other peoples' property. Because they're thieves. Rethugs have no compassion. Because they're sociopaths. Rethugs will grind us all into poverty to enrich themselves, Rethugs start wars of aggression to steal oil -- and send our young to die; Rethugs believe that "only little people (should) pay taxes" -- in Leona Helmsey's words -- and blow those taxes on sweetheart contracts to Halliburton, GE, and the like. All to enrich themselves and get their jollies by shafting the rest of us.

Rethugs are not Americans, for they have nothing but contempt for Americans -- like you and I. Rethugs are the enemy.


P.S: The Bu$h-Cheney-Greenspan gang have helped me understand why the French sent their parasitic aristocracy to the guillotine.

[loudnclear]

71. Easy for rich folks to talk about trimming Social Security: True colors

of Greenpsan being shown. Not even pretending to be balanced. He screwed Clinton by raising interest rates when it wasn't necessary and now he is pumping up Bush by keeping interest rates low. What does he care about the future? By the time the bill comes due (10-15 years from now) he will be dead or living in a nursing home.

How can people bitch about paying taxes and cutting benefits to people who don't even earn enought to pay taxes?
This is Christianity? This is democracy? No , this is capitalism.

[dfong63]

2. f*ck you Greenspan

Greenspan said it would be far better to do that now than to discover later that the government does not have the resources to meet baby boomers' needs.

what a crock of shit. those "boomers" have been keeping the government afloat with their/our social security payments. now after a lifetime of paying thru the nose, they're going to be told by Greenspan that the government doesn't have money to meet its obligations to them. at the same time as he's calling for tax cuts that will make damn sure that the money isn't there.

are people really stupid enough to fall for this scam????

[SquireJons]

8. In a word...

Yes

[indepat]

13. We will find out this fall whether or not the people are that stupid,

if the baby-boomer generation is especially stupid for they will surely deserve the government they vote in this fall.

[snippy]

18. Greenspan's testimony may be enough to defeat Bush by itself.

BUSH TAX CUTS TO FORCE CUTS IN SOCIAL SECURITY

Democrats need to start running ads.

[indepat]

21. Greenspan's remarks are the most chillingly partisan

and diabolical I recall be spoken by a Fed chairman, by far the most fiscally irresponsible, and by far the most up-in-your-face cynical. Mr. Greenspan knows that those tax cuts will and are being funded in no small part by raiding the mythical lock box, yet he says, in effect, make those cuts permanent, but oh by the way, by making those tax cuts permanent, the government will have to renege on promised social security benefits to the baby-boomer generation.

[KoKo]

32. Why the switch? He wasn't in favor of the original tax cuts, at

least in Greenspeak he seemed to express they might not be the best idea, but now he wants them extended? Does anyone else remember how tepid he was on the originals?

[ignatius]

79. What I remember, under Clinton, his mantra was of balanced budgets

and how it was good for America, which indeed it obviously was by keeping rates low so people could buy and refinance their homes and it produced faith in our government which helped draw in foreign capital and produced a strong dollar.

Then when Chimpy started his tax cut song and dance,there was a private meeting with Greenspan. I can still see Bush's hand on his shoulder when they emerged and he called him a "good" man.

After that, Greenspan came out infavor of tax cuts and screw the budget was the result of that.

Greenspan is a worm, that episode killed what little credibility he had, at least in my mind.

[CivilRightsNow]

66. How sad...

My grandfather was Alan Greenspan's mentor. My father remembers him as a shaggy haired saxophonist who used to play jazzy blues.

I know that my grandfather would cry if he could see what Greenspan has done since inheireting his post. My grandfather was one of the first to talk about true cost economy.. he actually helped create the first business ethics rules after the westinghouse anti trust debacles of the early 60s.. he wrote extensive papers on the economics of pollution... he was a visionary.

What happened to Alan.. I dont know. We had lunch with him a year ago. When I asked him if there would be any social security left by the time I retired (Im 25) she smiled bizarrely and reminisced hazily with my father about summers in Nantucket.

Ill always wonder what takes a man from being a creative, jazz playing hippie.. to a war mongering fiscally irresponsible fool.

[Womblestuffer]

35. Rumsfeld Calls For War To Be Made Permanent!!!

suck my cock Greenspan

[girl gone mad]

3. And the dollar will..

continue to tank as interest rates remain artificially low and everyone is thrilled about the stock market recovery and the housing boom.

[MajorFlaw]

6. low interest rates

are the only thing keeping us out of a full blown depression. What most people don't realize is that Greenspan has run out of bullets. If it were necessary to "goose" spending again by lowering the cost of credit, there's nothing Greenspan can do about it. Needless to say, this problem isn't simply going to go away.

[truthisfreedom]

4. whatever. this is not an endorsement of the unelected fraud.

it's a mechanical assessment of the future based on numbers. and it is not about what we have to deal with... it's only about monetary results.

[tobius]

5. no endorsement

but he remains respected by many including dems who were quoting greenspan "the saviour" when his comments implied the tax cuts would ruin the recovery.

[SquireJons]

7. I disagree, this is an endorsement

I have now lost all faith in Greenspan, who I used to admire. What he is essentially (and blatantly) doing here is endorsing the RNC's end game strategy of 'starving the beast.' What he says here is self contradictory: make the tax cuts permanent because we don't have enough money to pay out entitlement benefits. What on earth is he talking about? Has he been into Rush's medicine cabinet?

First of all, the deficit has cause most of the pain of this recession, and the tax cuts, along with pre-emptive war costs are 75% of this deficit. Another loony part of Greenspans comments is his assertion that there has been a substantial increase in the entitlement benefits over the last quarter century. What bull sh*t! That would be since the start of the Reagan administration, and other than the pharmaceutical company / investment industry giveaway Medicaid bill, there have been no new entitlement programs enacted. Am I forgetting something?

It's well known that the RNC's ultimate goal is to undo the Great Society and New Deal programs that protect ordinary Americans. They have stated many times in the last 30 years that the way they will do it is to run the debt so high, that Americans will be forced into choosing between social programs and things like national defense. Now Greenspan has endorsed this bait and switch tactic. How utterly unscrupulous.

Greenspan needs to be put out to pasture next November.

[Just Me]

23. Incredibly, neocons do seem out to destroy the remnants of the New Deal!!

Apparently, they don't give one iota about the consequences. This is very disturbing!!!

[lark]

39. Neocons utter greed and rapacity is astounding!

The facists have taken over our government and control most of the mass media so a majority of average people have no idea of the true revolution that took place when the Repugs with the help of a bought and sold Supreme court stole the presidency. So much progress has been destroyed, and they are "moderated" a bit by the need to win a 2nd term - just think what life will be like if bu*sh wins/steals another term. What's happened is unprecedented and very scary.

This baby boomer is hopping mad about the theft of my future so that the rich could get richer and retain control of our government. I'm saving like mad, but the future doesn't look pretty. I got a notice from SS stating that I'll have a monthly income of over $1600. when I retired - yeah right! I'll get nothing of the many tens of thousands of dollars I've paid if bu*sh stays in power.

lark

[jean]

61. Exactly so, SquireJons! And Welcome!

[Jose Diablo]

9. Greenspan is a "Rander"

Supposedly for sound money. But in reality Greenspan is just another political hack banker trashing our money.

The Federal Reserve is one of many ways the wealthy steal the value the people create. The periodic crashes are designed into the 'system' to extract the wealth people create and concentrate this wealth to those that operate the system.

We need to fire these bastards too.

[The Backlash Cometh]

10. Greenspan has lost it.

A man who doesn't need social security, shouldn't be deciding what happens to the future of social security.

[dusty64]

11. So he is railing

against deficits but shilling for the very reason we have them. It IS time for greenspan to go, he has become a regime tool. Its interesting how his attitudes have completely changed in the last three years.

[Media_Lies_Daily]

12. And Greenspan's true colors finally rise to the top like...

...a turd in a punchbowl.

The NeoCons are destroying every single retirement program that they can get their hands on. That includes programs for civil servants, the military, and all other Americans. When the Baby-boomers reach what used to be the retirement age, they will no longer be able to do so. Another level of poverty will descend upon the citizens of America.

It will take decades to repair the damage, and I fear that most of what they have done is permanent in nature.

[Jose Diablo]

14. The neocons have only a dim vision of the forces they are unleashing

The neocons think they will be able to do a 'hit and run' on the stored wealth of America, then hide overseas or behind some fenced-in gated community.

If these pricks are successful, the upheaval will make the American and French revolution look like little girls pajama parties.

[salin]

15. My head is spinning.... first he says deficits are a big problem

Remember - the president's claims that the deficit will be cut in half in five years are based on accounting that relies on the tax cuts NOT being made permanent. Also, the "halved deficit" is about the same size as the record deficits accrued (and decried) under his father - so even if true - they are MONUMENTAL deficits.

So now Greenspan adopts the same tact....??? Deficits need to be constrained... BUT we need to make the taxcuts permanent (in which case the deficits will not be halved... but permanent...)

Shocking.

[snippy]

16. He also said either cut spending or raise taxes.

Greenspan is not helping Bush by telling voters that Bush's tax cuts are going to require a cut in Social Security benefits. Democrats should put this article in a national TV ad and start running it immediately.

BUSH TAX CUTS FORCE CUTS IN SOCIAL SECURITY

Democrats should jump on this right now.

[SquireJons]

24. You're Right

They give us so much ammunition that we don't use. It's sad, really.

[snippy]

26. It is sad. I often wonder whether the DNC has any staff

responsible for working to elect democrats.

[joshdawg]

17. It appears as tho' it is time

for Greenspan to retire to the Great Federal Reserve In The Sky. He has lost touch with reality just like the "administration."

[Rose Siding]

19. What a complete nightmare!

His plan is to take money from old people to cover tax loans for the wealthy. And he says it OUT LOUD?

[snippy]

20. BUSH TAX CUTS TO FORCE CUTS IN SOCIAL SECURITY

Democrats need to use this.

[worldgonekrazy]

46. And medicare

And education.

Basically, anything but the military and corporate subsidies.

Fuck you Bush.

[JanMichael]

22. Um, has he forgotten that ever Congress has the RIGHT to raise...

...lower, re-enact and/or create, whatever taxes are necessary to run the Nation?

Another dumbassed Randroid (Background: Greenspan is an Ayn Rand cultist.).

[ProfessorGAC]

25. Wrong Again, Al!

Stupid idea from an grossly overrated man. There is not a single economic principle, and not a shred of data, to support that gov't borrowing is a good condition, nor is there any evidence to suggest that revenues ever rise BECAUSE of lower taxes. They may rise and fall as the economy ebbs and flows, but the marginal tax rate is NEVER the reason for increases in revenue. Only decreases!
The Professor

[kodi]

27. what is greenspan's personal benefit from the tax cuts?

how much money will he save if the tax cuts are made permenent?

anytime a person has a fiduciary interest in public policy he needs to be scrutinized

[Yavin4]

28. If You Want Visual Proof of Greenspan's Bias

This is taken directly from the Federal Reserve website. Scroll down the page until you get to the green chart showing interest rate moves since 1990.

http://www.federalreserve.gov/fomc/fundsrate.htm

When the stock market and the GDP were last at where they are now, he was hiking rates through the roof. He's politicizing monetary policy.

He and Bush are directly responsible for this economic mess that we're into today. People who don't see through Greenspan are nothing more than CNBC drones.

[wetbandit2003]

38. As a person who is an economist,,

I Ask you this important question....How do you politicise monetary policy???? Also, I was in college during the "Dot-Com" Boom and the Telecumications boom. We Monitered the numbers from the Federal Reserve as a requirement for all six of my classes. Do you remember the High of 10634 in Feb, 1999? http://finance.searchbug.com/info.sbug/finance/charts.htm?qsym=INDU&isIndx=1

I belive at that time, the unemployment rate was at around 4.9%
The FMOC at the time had warned that the economy was overheating and Decided to raise the discount rate to prevent inflation in the M1 sector of the money supply. My Intermediate Macroeconomics Professor predicted to the class with a powerpoint presentation of the possiblility of a recession because the FMOC decided to raise the dicount rate. Well he was right, and also the dollar fell against the yen because of the impending inflation. As you might recall, the bond market also took a down turn. The FMOC during this administration dropped the Discount rate again to stimulate buyers to buy again and investors to invest to stimulate capital growth. We are in a time of terrorism, corperate scandal and OPEC greed. Ofcourse things are slow.......

[worldgonekrazy]

47. "How do you politicize monetary policy?"

I'll tell you how.

You help out the neo-con agenda of building massive budget deficits (by advocating insane tax cuts) so that down the road, when the shit hits the fan as it certainly will, they are forced--FORCED I tell you!--to cut social programs like Social Security and Medicare.

That is how. Any questions?

[ProfessorGAC]

49. Have Your Economics Professor Email Me

We'll discuss how his predictive models work, and i'll tell him what he did wrong. The levers you posit as the reasons for the recession are completely in error. They do not exert the sufficient influence over the macroeconomic output parameters that is suggested by your post.
The Professor

[wetbandit2003]

63. ok.

Give me your E-mail adress then.......

[jwcomer]

50. Go back to your international monetary theory and policy books.

I have my Krugman in front of me and, unless I'm completely misreading chapters 13&14, it is the decreasing of interest rates which tends to weaken the dollar whereas increasing the interest has the opposite effect. see: uncovered and covered interest parity.

Of course I am of the opinion that economic theories have unreasonable and hidden assumptions that make for poor predictions, so I will not be at all surprised if you inform me that the opposite effect is true in practice.

walton

[Yavin4]

74. Look at the Chart

Greenspan raises and lowers interests rates in order to effectuate a political result. Supposedly, the economy is "booming", so why hasn't Greenspan raised rates like he did when the economy was doing well under Clinton.

If Bush is elected, we will all see the results of Greenspan's folly in three years when the economy crashes.

[Barkley]

29. Since when did the Fed start doing fiscal policy?

"We have constructed a good deal of the benefit structure over the last quarter century without a real firm look at whether or not the real resources were there to meet those benefits... And I suggest that what we have to do, as difficult as it's going to be, is to relook at some of these commitments."


"We ..."?!?!?!


Does Allen speak for all of the Board of Governors at the Fed or
just himself?

[fob]

30. President (Insert Name of Democrat Here) HAS to can this guy

in 2005. I believe Dean has already set this up with comments about reviewing Greenspan or some such.

Anyway as post #30, I am proud to introduce GRRROOOOOOOOVVVVVEEEELLLLLLLLLLBBBBBOOOOOOOOOOOOTTTTTTT!!!!

[Zhade]

56. I'll bet twenty bucks to the first taker...

...that unless the Democratic President is Kucinich, Greenspan will remain in office.

Even if it is DK, it won't happen without a fight.

Anyone want to take that sucker bet? ;)

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[TheDonkey]

33. I call for Greenspans resignation

the dumb shit.

[indepat]

62. Every Democrat in the Congress should 2nd your motion

[leesa]

34. I wonder why O'Neill thought this man was reasonable?

O'Neill has extraordinarily BAD judgement when it comes to people. His best friends are the war criminals Rumsfeld and Powell and he thinks Greenspan is rational.
How can someone so smart be so blind at the same time???

[ProfessorGAC]

37. O'Neill Was Not An Economist

So, he was taken in by Greenspan's reputation as an economy saver. He was almost irrelevant in the 90's, and O'Neill knew too little about the field to understand that.
The Professor

[Fovea]

36. Like I said in another post.

They screwed ONeill and his idea for triggers in the tax cut
that would provide a mechanism for their reduction.

They screwed him and ONeill, now he is telling them to piss on the third rail! This is revenge, as I see it.

[wabeewoman]

41. This should lay to rest the lie that

Greenspan was responsible for the Clinton boom. Obviously he is a partisan hack willing to go whichever way the wind is blowing. Good thing Clinton and his treasury secretary had a plan.

[Rose Siding]

42. I want my LOCKBOX!

:cry:

[ozone_man]

43. Now you see what the deficit spending is about.

Took a while for this to come out, but there it is in black and white. You can keep the tax cut if you get rid of S.S., your choice, maybe.

[Barkley]

44. My letter to the editor

NY Times Editor

Re: Greenspan, With a Big 'if,' Backs Bush Tax Cuts
http://www.nytimes.com/2004/02/13/business/13fed.html?pagewanted=all


Since when did the Fed start doing fiscal policy?

I don't buy the line that the Mr. Greenspan was 'only speaking on his behalf' when he told the Senate Banking Committee that "I am in favor, as I have indicated in the past, for continuing the tax cuts that are in dispute at this particular stage."

Well, Allen, what do you think about missile defense?

The Fed conducts the nation's monetary policy which means it adjust the amount of money in circulation to help achieve growth, moderate the business cycle and control inflation. Fiscal policy, which has comparable economic goals, is determined by the President and Congress, includes spending and taxes.

The integrity of the U.S. financial system rests on the 'independence' of the Federal Reserve System from partisan politics. Publicly endorsing the President's controversial tax proposal in an election year and in a year that his continued tenure as chairman requires a Presidential appointment ( June, 2004), undermines the Fed's credibility.

Bush is not the only ‘politician’ in Washington with a ‘credibility gap’.


-Fed up.

[worldgonekrazy]

45. I used to actually respect Greenspan

Apparently I was wrong all along. What a fucking piece of shit. How can anyone that claims to be fiscally responsible advocate the continuation of massive deficit spending? Oh, thats right, we'll just cut social security and medicare. Welcome to the 1920's folks.

[TrogL]

52. Maybe it's time to involve the International Monetary Fund

The United States obviously does not understand how to run an economy.

They've done it to lots of other people. The worm turns.

[Zhade]

57. And the IMF does???

Good Christ, I don't want to WILLINGLY turn into another Argentina under the IMF's horrendous policies!

[kayell]

53. So all these years I've been paying into Social Security weren't

for my own retirement in my modest little house in a very modest little town, but to make sure that some millionaire can have a few more scoops of Beluga while he lounges in the latest fashionable resort. While I, no doubt can pick up just enough to keep me in cat food as a greeter at walmart into my '80s. Thanks Greenspan.

[Pegleg Thd]

55. Greenslime

needs to be fired on 20 January 2005 by the new Democratic President.

[Vitruvius]

60. Greenslime needs to go to PRISON --

Greenslime rammed thru the highest Social Security taxes in history in 1983 -- all to accumulate a $6 trillion Social Security surplus -- which Greenslime has ever since been been helping to squander on tax cuts for Rethugnincan slime like himself.

Greenspan never intended for his Social Security Tax hikes to fund Social Security; Greenspan was planning all along to steal them for tax cuts for Rethugnican slime like himself.

[Zhade]

58. That description sounds like a recipe to murder the rich in their beds.

Once the revolution comes, these people will be targeted - rightly or wrongly.

They don't understand that by forcing more and more people into desperate circumstances, they are tightening the noose around their own necks.

[Jose Diablo]

69. Yes, its in the WTO plan book

when the economic policies fail and the people revolt. Send in the military and police, call the rioters communists.

Where have we seen this before?

We now know who are the puppetmasters of this administration. Hell, they even destroyed their own buildings to pull this deal off.

Lets not riot guys. National strike and peaceful civil disobedience, on 3/20 or longer if necessary.

[Zhade]

80. I'll be there on March 20th, believe me!

And the term is "IMF riot" - I'm guessing you've read Greg Palast's The Best Democracy Money Can Buy, too?

[Jose Diablo]

81. Reread the plan

Your right. It is step 3 1/2 the IMF riot. Yes, Palast.

You know, we have been having these all along. The peaceful demonstrations being provoked into police violence by provocateurs.

What I cannot figure out though, Palast mentions the money ends back at the US treasury. How can that be? Is there some way the money is being diverted out of the treasury? Ah, wait. Yes, "Corporate Welfare" and from there to their pockets. I think I have got it.

It is destruction of the people controlled nations by the corporate aristocracy. Same old shit with a new name.

[thinkingwoman]

59. Nothing's permanent

especially not tax rates.

Every time I hear this nonsense about making the tax rates permanent I scream. It's ridiculous. There's nothing permanent about them and never will be. Congress can change the rates on a whim and they often do.

Ugh.

[tobius]

70. I believe he is referring to reauthorizing them. The cuts are scheduled to

expire.

[thinkingwoman]

73. I know

I understand what he wants. I was commenting on the propoganda and the word usage.

Frankly, the reason Repugs keep winning (initially) so many public debates is their mastery of using language in ways that would make Orwell blush.

If they're not called on it, the public will be fooled.

[LawDem]

64. Two words -- Paul Krugman

I can't wait to see how he slices and dices Greenspan over this. Since when was it the job of the Fed to decide on spending priorities. The man's a whore and while he may not recognize it, everything he's done since Smirk came into office has guaranteed history will remember him as a whore.

[TEXASYANKEE]

65. "Entitlement" program

Sorry, being taxed thousands and thousands of dollars for SS during my career, and expecting some of it back when I reach retirement age is not an "entitlement" in my book.

The way Greenspan and Repubs talk about SS, it's like we peons are expecting something for nothing when we retire.

[PA Democrat]

76. My husband and I are self-employed

and we have the privilege of paying 15% of our income into social security. It's really reassuring to know that Greenspan has decided that the money should be reallocated to fund Bush's war machine and Bush's payoffs to campaign contributors. It's obscene!

[LeftCoast]

67. Uh oh! Greenspan drank the KoolAid!

[ThoughtCriminal]

68. OK If they're going to cut SS benefits

Shouldn't they cut SS taxes INSTEAD of Federal Income Tax?

[snippy]

77. Greenspan's testimony is a gift to democrats.

BUSH TAX CUTS TO FORCE CUTS IN SOCIAL SECURITY

[scarface2004]

78. greenspan wants taxes done away with!!!

and everybody to jack off at noon!!!