Region 8 Reacts to the Future of Social Security

There are more than 33 thousand Social Security retirees in Region 8. And the Regional Social Security office anticipates that number to grow in the future. But will these baby boomers and future generations be entitled to the same level of coverage as those before them?

That's the question for which Alan Greenspan has come under scrutiny.

"We will eventually have no choice but to make significant structural adjustments in the major retirement programs," said Greenspan.

The Reserve Chairman told lawmakers yesterday that they had two choices: either cut benefits or delay the retirement age so that in the future Americans would have to work longer.

"It would be bad to do either one of them," said one Region 8 Resident.

Statistics show that 77 million Americans will hit the minimum retirement age in 4 years, but at the same time fewer will be paying in the system.

"If there were not social security, instead of a 17-18% poverty rate, you probably would be talking about 35-40%," said Ed Doman, Executive Director at the East Arkansas Area Agency on Aging.

Doman believes the tax base will have to be there to support social security.

"I believe it will be a multi-purpose solution," said Doman.

There is at least one group praising Alan Greenspan's statements. The Alliance for Worker Retirement Security says the Social Security crisis can no longer be pushed off to future generations.