Fed chair says that Congress must make difficult choices and take meaningful action. And then they’re going to flap their wings and fly to the moon.
“Dealing with the resulting fiscal strains will pose difficult choices for the Congress, the administration, and the American people,” Bernanke said.
“However, if early and meaningful action is not taken, the U.S. economy could be seriously weakened, with future generations bearing much of the cost,” he added.
Then he expects the general public to accept the consequences of our political worldviews. ha.
Bernanke said advocates of lower taxes would have to accept lower spending on entitlement programs. Likewise, proponents of more-expansive government programs must recognize the need for higher taxes brought about by higher spending, he added.
For the record, I would willingly forgo any Social Security payments, and they can keep the money they’ve taken, if they would just stop taking anymore from me. Since it’s not a giant ponzi scheme and they’re just holding on to my money to give to me later this shouldn’t be a problem.
Not So Fast 