Thursday, October 05, 2006

Entitlement Bellweather

Federal Reserve Chairman Ben Bernanke said yesterday the burden from retiring baby boomers will strain the nation's budget and economy, unless Social Security and Medicare are revamped.

"Reform of our unsustainable entitlement programs" should be a priority,

Harsh words that have been spoken before and continue to fall upon deaf ears.

Bernanke said that as the population ages, the United States will have to choose among higher taxes, fewer dollars for other programs, lower spending on entitlement programs, and a sharply higher budget deficit -- or some combination of all those

Choices. Lower spending. Higher taxes.

The federal government has on the table essentially unsustainable promises to the aging population

If Social Security & Medicare cannot be maintained at their current levels without increases in taxes, how will the budget ever absorb a nationalized health care plan for all?
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