Posted 8/27/2004 08:20:00 PM by Douglas

Say, we haven't had double-digit inflation in a while. Don't you 'spose it's about time? Alan Greenspan does, because he knows there's no way in hell that the U.S. Government is going to renege on Social Security payments for the 800 Kazillion Baby Boomers that are reaching retirement age. Social Security, the longest running state-sanctioned pyramid scheme is set to cavitate in 2010, when the first of the Boomers hit 65.

Federal Reserve Chairman Alan Greenspan said Friday the country will face "abrupt and painful" choices unless Congress acts quickly to trim Social Security and Medicare benefits for the baby boom generation. He said the government has promised more than it can deliver.

What?!? The government has promised more than it can deliver? Well whoever heard of that happening before??? Damn you!!! DAMN YOU, FDR!!!!!

Seriously, I'm sure they never thought it'd come to this, but it has. Now what? People my age are paying into the system with absolutely NO expectation of ever getting it back, at the same time the Boomers are all retiring and clamoring about reductions in their service. What a pickle this is, eh?

"We owe it to our retirees to promise only the benefits that can be delivered," he said. "If we have promised more than our economy has the ability to deliver ... as I fear we may have, we must recalibrate our public programs so that pending retirees have time to adjust through other channels."

Ka-chunk, Ka-chunk. . . hear that? That's the sound of the Treasury Department firing up the printing presses for some overtime to make more money to pay for the Boomer's SS benefits. That's the only place that this kind of money can come from, and considering what's at stake, they can't afford not to inflate the currency to provide stability.

I can only hope I'm hip deep in debt at that time, or else heavily vested in the precious metals. . . steel, brass & lead, or gold. Whatever works.

Labels: Federal reserve