Greenspan Predicts Deficits Built by Nussle Could Lead to a Reduction in Benefits for Baby Boomers
Iowa Democrats.Org

DES MOINES – Federal Reserve Chairman Alan Greenspan said the budget deficits, which have exploded under House Budget Chair Jim Nussle, could lead to reduced Social Security and Medicare payments for baby boomer retirees.

“In that taped speech to a conference in Philadelphia, Greenspan said that Congress would likely have to make ‘significant adjustments’ in reducing benefits for future retirees. He said it 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.” [Associated Press, 12/2/05]

“Under Nussle’s watch, the U.S. budget went from record surpluses to historic deficits. Now, retiring baby boomers will have to suffer the consequences of Nussle’s reckless budgeting,” says Iowa Democratic Party Chair Sally Pederson.

Next week, the U.S. House is expected to vote on $70 billion in tax cuts that would add an estimated $20 billion to the $412 billion federal deficit. Nussle has expressed his support for this plan.

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