Greenspan Favors Tax Cuts Over Social Security Benefits

So Federal Reserve Chairman Alan Greenspan wants to pay for the enormous Bush deficits, caused primarily by tax breaks for the rich, by lowering future Social Security payments (Feb. 26). I’ll be so glad when I can’t retire when I’m 66 after working continually for 46 years, knowing that my retirement money went to some fat cat.

John Yard

Sunland

Now, let’s see ... my husband, after a 30-year career as an engineer, has been downsized. He was given medical benefits until we die for both of us in his retirement package. Two years later this was taken away from us. Due to the economic downturn, our 401(k)s are now worth about one-third what they were. We are rapidly approaching retirement, at 57 years old, and they are going to start dipping into our Social Security?

We are both college-educated professionals who have planned all of our lives as we were supposed to, and now we may be indigents in our golden years. I’m sure those who work for the states, counties and government don’t have to worry about their retirements. Our tax dollars ensure their golden years will be comfortable. Senior citizens need Social Security. Leave it alone.

Linda Martinez

Surfside, Calif.

In the ‘80s the Social Security payroll tax was increased in order to build up a surplus against the retiring of the baby boom generation. That surplus finally began to show up in the late ‘90s. President Bush pointed to this surplus as an argument for cutting income taxes on the wealthiest Americans, in addition to his investor-class tax cuts (on dividends, inheritance, etc.). So the Social Security tax, which is incredibly regressive, is being used to fund huge tax cuts for people who pay almost nothing, relative to their incomes, into the program.

Now Greenspan, as a way of reducing future deficits, has come out in favor of cutting future Social Security benefits on people who’ve been paying into the system at the higher rates for the past 20 years. They obviously think we’re stupid.

James Repka

Laguna Beach

Baby boomers have worked all their lives, only to see jobs leaving the country, tax cuts for the rich when the debt has never been higher, reckless spending on an invasion that wasn’t necessary and now the announcement that Social Security payments are in danger because we are overcommitted. When Social Insecurity gets high enough and the baby boomer revolution starts, I wouldn’t want to be a politician.

William A. Gregory

Juniper Hills

So Greenspan says we should cut future Social Security benefits and raise the eligibility age. I’m sure that will impact his family’s retirement a lot. Have we no respect left for the elderly? We’re sinking a couple hundred billion into Iraq while giving ourselves tax cuts and rebates, and we’re going to compensate by telling Mom and Dad to work a couple more years as greeters at Wal-Mart, keep Pfizer’s dividends coming, play stock market roulette with what’s left of their Social Security accounts and then sell their cars and move in with their neighbors?

Tim Clark

Los Angeles