Greenspan Sounds Alarm; Fed Chairman Warns of 'Painful' Choices Unless Benefits Are Cut

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JACKSON, Wyo. (AP) - Federal Reserve Chairman Alan Greenspan said Friday 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."

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Greenspan Sounds Alarm; Fed Chairman Warns of 'Painful' Choices Unless Benefits Are Cut

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,...

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