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The following is a "closing segment" for the show which aired Wednesday, February 25, 2004 at 10:00 AM EST.
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Greenspan Proposes Social Security and Medicare Cuts

Federal Reserve Chairman Alan Greenspan today warned that cuts in Social Security and Medicare benefits will be necessary to deal with the huge federal budget deficit and the looming retirement of the Baby Boom generation. The suggested cuts should not affect current retirees, Greenspan said, but future retirees will need to have reduced benefits.

Hear an excerpt from Greenspan’s testimony and an analysis of his proposals by On Point news analyst Jack Beatty.

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