Cliff Stearns: “last week the chairman of the Federal Reserve, Alan Greenspan, gave some seniors all over the country a little bit of a…”

“last week the chairman of the Federal Reserve, Alan Greenspan, gave some seniors all over the country a little bit of a scare. But his suggestion that Congress should consider reducing Social Security benefits for future retirees was just that, a suggestion by the chairman. Current beneficiaries and near retirees should not worry. All of us, including myself, will fight to protect the benefits of current and near retirees. They should receive nothing less than 100 percent of what they have been promised. What seniors should take from this conversation, though, is that Social Security is just that, a promise from our government. It is not a real asset in your name. If it were, you would have a little more flexibility and decision-making on how you plan to use it for your retirement. Currently, Social Security gives retirees a one-two punch: first, taxing their benefits; and, second, discouraging productivity among early retirees by limiting their earnings.”