Benefits need to be cut, Greenspan says By MARTIN CRUTSINGER , AP Economics Writer

Federal Reserve Chairman Alan Greenspan said yesterday 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.

Returning to a politically explosive issue just before the Republican National Convention, Greenspan said the country must face up to ”some tough policy choices.”

Government resources even under the most optimistic economic assumptions on growth and productivity will be inadequate to provide baby boomers with the level of benefits their parents got, he said.

Starve the beast — that’s the fundamental philosophy of the Radical Right. They say we need to cut benefits people have been paying for for years because the resources aren’t there. Would that be the resources that were poured into the pockets of the Rich or dumped in the sewer of Iraq? These people think you are incredibly stupid. mjh