Greenspan to Baby Boomers: EAT CAKE
Greenspan is either clinically insane or he is a pathological, sociopathic LIAR.
There is no other explanation for his delusional suggestion that America sacrifice its baby boomers at the alter of rapacious financial markets and corporate nation-plundering.
The US has "no problem financing its current account trade deficit" as long as the American economy remains "flexible," he said.
Translation: As long as you go with the program, you will not be HURT.
He warned against "drifting toward fiscal instability" and "RISING PROTECTIONISM, which would increase BARRIERS to the flow of goods and investments across the U.S. border . . . the adjustment process [he said] could be quite painful for the world economy..."
Translation: Resist, and you WILL pay a terrible price.
What are the DEMANDS?
"'[S]ignificant adjustments' in reducing benefits for future retirees. . . [I]t appears the country has promised more than it can afford to deliver in Social Security and especially Medicare payments, given that health care costs have been exploding."
First of all, you remorseless little parasite, our government would be able to meet ALL its obligations to its citizens as they become due but for your LUNATIC monetary policies over the last 18 years.
Second, the "exploding" costs of healthcare are due in large part to:
(1) the stupidity and corruption of a patent system that allows pharmaceutical companies to rape us on our death beds; and
(2) the insanity and corruption of a tax system that allows NONPROFIT hospitals to issue TAX-EXEMPT bonds, allowing entire swathes of interest income to go untaxed and enabling bondholders, literally, to bleed patients dry!
But, Greenspan is unpersuaded. Instead, he "urged Congress to act quickly so that the baby boomers will have time to adjust to potential benefit cuts."
He insists that 78 million retiring baby boomers "will put severe strains on the country's finances and without changes could disrupt the economy by driving up interest rates from the increased government borrowing."
Uh, Alan, allow me to suggest the painfully obvious. WHY DON'T WE:
(1) STOP BORROWING and issue INTEREST-FREE bills?!!
(2) cancel ALL interest obligations; and
(3) start rebuilding America's physical economy so that we can prevent America from turning into a third world nation?!!
But NOOOO, the man's tongue remains forked and he speaks in riddles.
"The likelihood of growing deficits in the unified budget is of especially great concern because the deficits would drain a correspondingly growing volume of real resources from private capital formation and cast an ever-larger shadow over the growth of living standards,"
Translation: At the behest of moneylenders, the Fed WILL SUCK THE LIFE OUT OF Americans using INTEREST.
But, that is not how Greenspan sees it.
For him, INTEREST is a fact of life.
LIFE, on the other hand, can and MUST be subordinated to INTEREST.
According to him, baby boomers can wait until AFTER THEY DIE "to draw full Social Security benefits."
You selfish, myopic old weasel.
If you allow Americans to be destroyed, who will pay the INTEREST?