Wednesday, October 6, 2010

Bernanke Talking, is Anyone Listening?

Fed Chairman Ben Bernanke has joined the chorus of people warning Americans of our government's unsustainable debt load.

[I]n the United States, governments at all levels are grappling not only with the near-term effects of economic weakness, but also with the longer-run pressures that will be generated by the need to provide health care and retirement security to an aging population. There is no way around it--meeting these challenges will require policymakers and the public to make some very difficult decisions and to accept some sacrifices. But history makes clear that countries that continually spend beyond their means suffer slower growth in incomes and living standards and are prone to greater economic and financial instability.

Everyone outside of Congress and the Obama administration is saying the same thing: We must balance the federal budget. Unfortunately, the only people with the power to do this are in Congress and the Obama administration.

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