Mar 01, 2004 -- Greenspan predicts social security will fizzle
Clark was in Washington D.C., last weekend with various other radio talk show hosts. He doesnt normally look forward to going to D.C. in winter because the weather is so cold. But this past week it was beautiful. And the big fuss in Washington last week revolved around Federal Reserve Chairman Alan Greenspan. Greenspan usually talks about inflation and deflation and boring topics, but last week he decided to take on the social security topic. He floored some when he said that there is no way social security can fund the retirement of all the baby boomers who will soon be dependent on it while still benefiting the generation following them. Clark agrees wholeheartedly and he thinks people should not lambaste Greenspan for saying this. If youre under age 50, you are going to have to pay for your own retirement. Its a fact. Clark would much rather see social security continue for those who are age 50 and above, and then the funnel of money coming in for everyone else should stop. Weve already paid way too much. Clark likes the idea of siphoning a portion of our pay for our retirement, say 10 percent. And then we could put in as much as wed like.
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