Armed Forces News

Last week, Alan Greenspan, chairman of the Federal Reserve, urged Congress to cut future Social Security benefits rather than hike taxes to counter a projected deficit in Social Security funding. Although that suggestion would impact only service members affected by Social Security payments, Greenspan also suggested a change to the Consumer Price Index that, if carried out indiscriminately, could undermine a number of programs affecting veterans, military retirees and their families. Affected could be Cost of Living Adjustments to such benefits as military retired pay, Survivor Benefit Plan annuities, Department of Veterans Affairs disability compensation, Dependents Indemnity Compensation and VA pensions.