It was a hoax no different from today's false claims. Social Security was sound then and now. Greenspan engineered the transfer of trillions of public dollars to private hands.
Up to then, it was the greatest ever heist in plain sight. It's still ongoing. Policy planners want more. Current plans call for raising the retirement age incrementally to 67.
It's another scam. Greenspan's scheme cut benefits gotten at any age. People retiring at 64 got no more than at 62 earlier. At 65, they got what 63-year-olds once did.
Maximum retirement age is 70. Benefits are less than recipients got a generation earlier. Raising the retirement age is code language for cutting benefits. Orwellian language hides it.
On December 5, Naked Capitalism headlined "The Obscenely Rich Men Bent on Shredding the Safety Net," saying:
A coalition of powerful rich men want Social Security, Medicare, and Medicaid cut or eliminated. It's to make them richer. Concern about debt reduction doesn't wash.
Whatever they do or don't do, it'll keep rising exponentially. Fixers cashing in with massive bailouts, huge subsidies, tax loopholes, and unpunished fraud want more for themselves at the public's expense. War profiteers want their share.
"Fix means cut."
"Reform means rob."
"Bipartisan means all of the rich."
"Concern means covet."
"Fiscal conservative means economically" challenged.
"Strip-mining is not leadership."
Robbing poor Peter to pay rich Paul is bipartisan-agreed on policy.
Plans to privatize Social Security and end public pensions come later.