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Statement By AARP CEO William D. Novelli In Response To Fed Chairman Greenspan's Proposal To Cut Future Social Security Benefits

The notion that Social Security should be a prime target to fix future budget deficits that are unrelated to the program is irresponsible. Social Security is designed as a self-sustaining program, and should be strengthened to ensure its long term solvency. Social Security should not be a resource for negotiators over the federal budget deficit. In fact, Social Security's own growing surpluses currently make the deficit in the rest of the federal budget appear smaller.

Americans are not saving enough for retirement and half of Americans working today have no pension coverage. Future retirees will need the guaranteed, lifelong, inflation-protected benefits of Social Security to help achieve an adequate income in retirement. AARP favors a balanced approach to reaching future solvency for Social Security. But simply cutting benefits ignores the retirement picture for most current and future retirees and would be unfair to boomers and younger workers, pulling the rug out from under their retirement security.

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