Politics
Out of context: Reply #9588
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- ukit0
In testimony before the Senate Banking Committee today, where he's seeking re-appointment as the Fed's chairman, Bernanke called for cutbacks in Medicare and Social Security even as unemployment rises and the middle class is endangered.
Citing legendary bank robber Willie Sutton, Bernanke said of the retirement and health care funds that are the legacy of the New Deal: "That's where the money is."
Sen. Bob Bennett (R-Utah) sympathized with Bernanke, saying that, because of entitlement spending, "you're going to be looking at a situation where the Congress will be unable to provide any kind of fiscal discipline because of the mandatory spending. That puts an enormous burden on your plate."
"Well, Senator, I was about to address entitlements," Bernanke replied. "I think you can't tackle the problem in the medium term without doing something about getting entitlements under control and reducing the costs, particularly of health care."
Bernanke reminded Congress that it has the power to repeal Social Security and Medicare.
"It's only mandatory until Congress says it's not mandatory. And we have no option but to address those costs at some point or else we will have an unsustainable situation," said Bernanke.
http://www.huffingtonpost.com/20…
Wait...that's how a communist or socialist government acts?? ROFL...
- the fed is beyond reproach. they don't answer to anyone. not even congress.johndiggity
- and bernanke's comments were in response to congress wanting to rescind the fed's regulatory and oversight powers. i'd rather the fed overseeing banks than congress any day.johndiggity
- powers. i'd rather the fed overseeing banks than congress any day.johndiggity