Alan Greenspan testified before congress today and urged cuts in future Social Security benefits. He takes into consideration the 77 million baby boomers who will begin to retire soon.
"This dramatic demographic change is certain to place enormous demands on our nation's resources - demands we will almost surely be unable to meet unless action is taken," Greenspan said. "For a variety of reasons, that action is better taken as soon as possible."
No one doubts that the situation is going to get serious. When lawmakers spend like they are doing today, there won't be any money left. Greenspan suggests that current retirees would not have their benefits cut, but that future generations could get smaller checks.
"I am just basically saying that we are overcommitted at this stage," Greenspan said in response to committee questions. "It is important that we tell people who are about to retire what it is they will have." He warned that the government should not "promise more than we are able to deliver."
So here's my big question. Why the heck am I paying into this system? As the government moves the retirement age later and later, it will end up making no sense to quit working. So I guess the phrase "worked to death" will be entirely true.