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2/26/2004: Text of Alan Greenspan's Statement to Budget Committee on Effect of Baby Boomer Retirements (U.S. House of Representatives Budget Committee)
Excerpt: Today, federal outlays under Social Security and Medicare amount to less than 7 percent of GDP. In December, the CBO projected that these outlays would increase to 12 percent of GDP by 2030 under current law ... One change the Congress could consider as it moves forward on this critical issue is to replace the current measure of the 'cost of living' that is used for many purposes with respect to both revenues and outlays with a more appropriate price index.
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