Greenspan Says Entitlement Programs Need Change

[papau]

We will need to compare actual results in 05 to Greenspans predictions today of 05 GDP growth of 3.75% (about the same as the 3.7% in 2004), inflation at 1.75% excluding energy and food (about the same as the 1.6 percent in 2004), and a jobless rate drop to 5.25% (compared to 5.4% for all of 2004).


http://www.nytimes.com/aponline/business/AP-Greenspan.html?hp&ex=1108616400&en=8129c00f7fddcdc9&ei=5094&partner=homepage

Greenspan Says Entitlement Programs Need Change
By THE ASSOCIATED PRESS

Filed at 10:50 a.m. ET

WASHINGTON (AP) -- Federal Reserve Chairman Alan Greenspan told Congress on Wednesday that the economic expansion rolled into the new year at a respectable pace and that inflation -- while not an immediate threat -- is something policy-makers must continue to guard against.<snip>

``Benefits promised to a burgeoning retirement-age population under mandatory entitlement programs, most notably Social Security and Medicare, threaten to strain the resources of the working-age population in the years ahead,'' Greenspan said.

``Real progress on these issues will unavoidably entail many difficult choices. But the demographics are inexorable and call for action,'' he added.<snip>

Economists viewed Greenspan's remarks on the economy as buttressing their view the Fed for now will stick to its gradual approach to raising rates. ``It's still steady as she goes. We will continue to get measured rate hikes,'' said Richard Yamarone, economist at Argus Research Corp.
<snip>

[bemildred]

1. Can we start with his package? nt

[EVDebs]

2. Yeah, the 'big change' would be for the rich to help pay their fair share

in this 'top heavy' society. The concentration of wealth in the US is disgusting and CAUSING problems, since the super-rich (as David Cay Johnston's book "Perfectly Legal" shows) 1 and 1/2% of taxpayers is being subsidized by everyone else.

This cannot go on forever.

[progressivebydesign]

3. First entitlement??? CORPORATE WELFARE!!!!!!!!!!!!!!!!!

And.. then... the multi-billion dollar contracts to Bush's pals for items and services never delivered. THEN... we can start looking into retirement money for the elected officials.. some who only serve two years, yet are entitled to full salary and benefits for the rest of their lives. Oh.. THEN we can look into WHY Bush needs to book 700, (yes, 700) luxury hotel rooms for a short stay in Belgium. How MUCH did that cost us???

Then.. perhaps, we can look into the programs that serve the people who are NOT mega millionaires like Greenspan and his greedy ilk.

[saigon68]

11. Sounds good to me

They are kings, they travel like kings, they will meet the same fate as many kings

[onyourleft]

4. Entitlement Program

I really object to that term considering I've been shoveling money into SS since I was 16 and I'm now...well, let's just say it has been a long time since I've seen 40. I really don't consider getting my SS some day an "entitlement." :eyes:

[noamnety]

5. Entitlement program - definition

ENTITLEMENT PROGRAM - A federal program that guarantees a certain level of benefits to persons or other entities who meet requirements set by law, such as Social Security, farm price supports or unemployment benefits. It thus leaves no discretion with Congress on how much money to appropriate, and some entitlements carry permanent appropriations.

[nodictators]

9. Social Security isn't welfare. We the People paid for our benefits

Farm price supports go mostly to corporate farming operations,not family farmers. These are indeed corporate welfare programs.

Next, we'll be hearing that breathing the air is an entitlement program too.

[noamnety]

12. SS is legally an entitlement program

All I did was google "entitlement program" +definition.

This was the first hit: http://www.lectlaw.com/def/e081.htm

[havocmom]

6. How about we stop tax subsidies of:

airports- used by corporations who seem to think employees should not expect to make a living so they can pay taxes and used by rich guys with corporate jets. Yes, I know everybody pays airport fees, but without tax $$, there would be no commercial aviation.

highways- used by corporate trucking companies to move goods to corporate retail outlets. Yes, I know we pay various taxes to use the roads, and truckers pay more than I do. It remains that the rich owners of the corporations derive much more from the support of the highway infrastructure by tax $$ than does the average wage earner.

Police services- bet the rich get faster response time than the poor

Fire services - see above, and both likely due to pressure from insurance companies serving the wealthy... they need help to protect themselves from paying more claims and that would be another corporate benefit, wouldn't it?

Courts- I am guessing we spend $$ keeping those running. Was just reading Molly Ivans about who actually does the most sueing... It is not the average citizen. Again, it is the corporations. Those rich owners in this ownership society sure like to make $$ via suing. Lawsuits by regular citizens are down.

Military- Not only are the contractor corporations engaging in war profiteering and basically holding our troops hostage until they squeeze outrageous sum$ from the treasury, they are outright stealing money. Too much $$ without any accounting. Too much $ billed for what has actually been provided. AND the troops are not protecting America and Americans. There was no threat against us! They are providing cover for the building of empire by Corporations! Gee, who is benefiting there? And who is sacrificing for it?

Yeah, Mr. Greenspan, you apologist for swine, the entitlement game needs to stop. It is WAY past time for those who benefit most from what we do with tax $$ to stop getting off with sending the bill to those who get the least benefit.

Motherfucking bastards... Welfare Mother-fucking greedy rat bastards. And you can tell them I said so!

[VegasWolf]

7. What a name. "Entitlement Program" for something we are FORCED to

pay for our entire lives.

[Deja Q]

8. Only if they look at these programs

* gov't subsidies to mega-(m/b)illion corporations
* post-service benefits for elected officials, including medical
* the medical system itself (not just lawsuit reform of COST reform - ala price fixes that the civilized world gets)

I could go on for ages...

[lawladyprof]

10. When I pay insurance premiums for years and then file a claim

with the insurance company, I don't refer to the payment of that claim as an "entitlement," albeit something I am entitled to. Social security is an insurance program. It is past time to start referring to payroll taxes as premiums not taxes.