Raise U.S. retirement age, cut medicare benefits Greenspan says.JACKSON HOLE Jackson Hole, fertile Rocky Mt. valley, c.50 mi (80 km) long and 6 to 8 mi (9.6–12.8 km) wide, NW Wyo., partly in Grand Teton National Park. Jackson Lake, 39 sq mi (101 sq km), a natural lake through which the Snake River flows, was dammed in 1916 to control , WYOMING -- "If we have promised more than our economy has the ability to deliver to retirees, we must recalibrate our public programs so that pending retirees have time to adjust," Federal Reserve Chairman Alan Greenspan Alan Greenspan Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. told a gathering of business leaders in this resort. Greenspan proposes that the federal government reduce Social Security and Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. benefits, saying that the U.S.A. has promised more to upcoming retirees than the economy can realistically deliver. Among the measures proposed by the influential chairman is raising the retirement age. He points out that Americans are living longer and are healther. "Work is becoming less physically strenuous stren·u·ous adj. 1. Requiring great effort, energy, or exertion: a strenuous task. 2. Vigorously active; energetic or zealous. but more demanding intellectually as the population ages" he stated. |
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