Ron
2004-08-28 04:29:39 UTC
Kerry: Greenspan Warning Is Wake-Up Call
Friday, August 27, 2004
By NEDRA PICKLER, Associated Press Writer
http://news.yahoo.com/news?tmpl=story&cid=694&u=/ap/20040828/ap_on_el_pr/kerry&printer=1
SAN FRANCISCO - Democrat John Kerry's presidential campaign said Friday that Federal
Reserve Chairman Alan Greenspan's warning of a looming crisis for Social Security and
Medicare should be a wake-up call that President Bush's economic policies have failed.
Kerry spokeswoman Allison Dobson said Bush has driven up deficits that have put Social
Security in danger.
"Instead of making tough choices, George Bush squandered the budget surplus on tax breaks
for the wealthiest Americans that dug us deep into deficits and cost taxpayers more than
three times as much as it would have taken to save Social Security for generations to
come," Dobson said as Kerry campaigned for votes and dollars in the Bay Area.
Earlier in the day, Greenspan said during a speech in Jackson, Wyo., that the government
can not deliver on its benefit promises even under the most optimistic economic
assumptions on growth and productivity. He urged Congress to quickly trim Social Security
and Medicare benefits for the baby boom generation.
Kerry has rejected the idea of cutting benefits. Kerry's position is that he can grow the
economy, and that will pay for the increasing number of retirees.
"I guarantee you the first best thing to do with Social Security is to put America back to
work in better paying jobs than the ones that went overseas," Kerry said at a town hall
meeting Friday evening in Everett, Wash.
Bush favors giving younger workers the option of putting part of their payroll tax into
personal retirement accounts. Kerry opposes the plan for partial privatization.
Kerry is planning to take time off from campaigning next week during the Republican
National Convention at his family home on Nantucket. But with election day approaching, he
had a full day of events Friday with an eye on the calendar.
"Sixty-seven days," Kerry said in Everett. "There are less days between now and the
election than there are between the election and the inauguration. This clock is ticking."
Earlier, Kerry spoke to voters at a town hall meeting at a high school gymnasium in Daly
City, Calif. He said Bush has neglected the middle class and he promised to curb credit
card fees and protect home buyers and military families from unfair lending practices.
Bush campaign spokesman Steve Schmidt said, "John Kerry's campaign of pessimism is intent
on talking down our economy and ignores the challenges and progress we have made."
Kerry also spoke at a luncheon fund-raiser in San Francisco that brought in $3 million for
the Democratic presidential fund. He was attending a Friday night fund-raiser in Seattle
expected to raise another $1.5 million, said his spokesman David Wade.
Friday, August 27, 2004
By NEDRA PICKLER, Associated Press Writer
http://news.yahoo.com/news?tmpl=story&cid=694&u=/ap/20040828/ap_on_el_pr/kerry&printer=1
SAN FRANCISCO - Democrat John Kerry's presidential campaign said Friday that Federal
Reserve Chairman Alan Greenspan's warning of a looming crisis for Social Security and
Medicare should be a wake-up call that President Bush's economic policies have failed.
Kerry spokeswoman Allison Dobson said Bush has driven up deficits that have put Social
Security in danger.
"Instead of making tough choices, George Bush squandered the budget surplus on tax breaks
for the wealthiest Americans that dug us deep into deficits and cost taxpayers more than
three times as much as it would have taken to save Social Security for generations to
come," Dobson said as Kerry campaigned for votes and dollars in the Bay Area.
Earlier in the day, Greenspan said during a speech in Jackson, Wyo., that the government
can not deliver on its benefit promises even under the most optimistic economic
assumptions on growth and productivity. He urged Congress to quickly trim Social Security
and Medicare benefits for the baby boom generation.
Kerry has rejected the idea of cutting benefits. Kerry's position is that he can grow the
economy, and that will pay for the increasing number of retirees.
"I guarantee you the first best thing to do with Social Security is to put America back to
work in better paying jobs than the ones that went overseas," Kerry said at a town hall
meeting Friday evening in Everett, Wash.
Bush favors giving younger workers the option of putting part of their payroll tax into
personal retirement accounts. Kerry opposes the plan for partial privatization.
Kerry is planning to take time off from campaigning next week during the Republican
National Convention at his family home on Nantucket. But with election day approaching, he
had a full day of events Friday with an eye on the calendar.
"Sixty-seven days," Kerry said in Everett. "There are less days between now and the
election than there are between the election and the inauguration. This clock is ticking."
Earlier, Kerry spoke to voters at a town hall meeting at a high school gymnasium in Daly
City, Calif. He said Bush has neglected the middle class and he promised to curb credit
card fees and protect home buyers and military families from unfair lending practices.
Bush campaign spokesman Steve Schmidt said, "John Kerry's campaign of pessimism is intent
on talking down our economy and ignores the challenges and progress we have made."
Kerry also spoke at a luncheon fund-raiser in San Francisco that brought in $3 million for
the Democratic presidential fund. He was attending a Friday night fund-raiser in Seattle
expected to raise another $1.5 million, said his spokesman David Wade.