Federal Reserve Chairman Alan Greenspan told the House Budget Committee that the retirement age for Social Security should be raised and future cost of living increases should be put on hold. The focus of his advice was on deficit reduction. Source
Greenspan said: “The degree of uncertainty about whether future resources will be adequate to meet our current statutory obligations to the coming generations of retirees is daunting." Stats show that there is not enough money for future generations.
Democratic candidates for President have criticized Greenspan for his comments. Kerry says "the wrong way to cut the deficit is to cut Social Security benefits." Edwards says Greenspan shouldn't favor extending tax cuts and cut retirement benefits.