8/27/2004 Greenspan’s warnings go unheeded.
In unusually stark language Chairman Greenspan predicted catastrophic financial difficulties ahead. Normally he makes his speeches deliberately indecipherable. This time he spoke plainly.
“If we delay, the adjustments could be abrupt and painful,'' Greenspan said about the current state of affairs (Boston Herald 8/28/04). Social security is broke and our delightful congress is doing nothing about it.
It actually makes sense. Compare the average member of congress’ net worth to the average American and you get your answer. Most of us struggle to get by, to pay for a place to live, car, groceries, insurance and everything else, we don’t have enough to put away for retirement. In a 2003 article Jeremy Johnson wrote, “At least 40 of the 100 US senators are millionaires, some many times over.” While the rest are not considered millionaires the salaries and pensions they command (not to mention speaking fees and book deals) set them apart from the average American. They do not have to worry about what they are going to live on after they retire.
If it doesn’t affect you do you really care or do anything about it? Not likely. So why would a bunch of millionaires give a rip about the rest of us who will not be able to afford life after 65.