quote:

Federal Reserve Chairman Ben Bernanke sounds a warning on growing deficit

Federal Reserve Chairman Ben S. Bernanke warned Wednesday that Americans may have to accept higher taxes or changes in cherished entitlements such as Medicare and Social Security if the nation is to avoid staggering budget deficits that threaten to choke off economic growth.


"These choices are difficult, and it always seems easier to put them off -- until the day they cannot be put off anymore," Bernanke said in a speech. "But unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth."


His stern lecture came as the economy is emerging from the worst recession in years, sending the stock market up considerably over the past year and raising public hopes for a return to prosperity. But the economic downturn -- with tumbling tax revenue, aggressive stimulus spending and rising safety-net payments such as unemployment insurance -- has driven already large budget deficits to their highest level relative to the economy since the end of World War II. This has fueled public concern over how long the United States can sustain its fiscal policies.

http://www.washingtonpost.com/wp-dyn/content/article/2010/04/07/AR2010040703116.html

quote:

Bernanke did not endorse any particular approach to reducing the deficit. But he laid out the "difficult choices."


"To avoid large and ultimately unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above," he said.

quote:

ORIGINAL: mnottertail

right. where do we cut?

quote:

ORIGINAL: Sanity


Ah, excellent question, Grasshopper!

quote:

Bernanke did not endorse any particular approach to reducing the deficit. But he laid out the "difficult choices."


"To avoid large and ultimately unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above," he said.

quote:

ORIGINAL: mnottertail

right. where do we cut?

quote:

ORIGINAL: mnottertail

right. where do we cut?

quote:

ORIGINAL: subrob1967

quote:

ORIGINAL: mnottertail

right. where do we cut?

20% across the board...Surely there's at least that much in wasteful spending.

quote:

ORIGINAL: Sanity


What about foreign aid? Theres a good place to start.

Theres got to be a lot of fat out there.

quote:

ORIGINAL: subrob1967

quote:

ORIGINAL: mnottertail

right. where do we cut?

20% across the board...Surely there's at least that much in wasteful spending.

quote:

ORIGINAL: Sanity


What about foreign aid? Theres a good place to start.

Theres got to be a lot of fat out there.

quote:

ORIGINAL: subrob1967

quote:

ORIGINAL: mnottertail

right. where do we cut?

20% across the board...Surely there's at least that much in wasteful spending.

quote:

ORIGINAL: brainiacsub

Thomas, are you suffering from Alzheimers or some other form of dementia or are you just retarded? Jeff and I already tried to answer this question for you 3 days ago:

http://www.collarchat.com/fb.asp?m=3148183

FYI - Bernanke is not a Tea Partier. He is a pragmatist who understands that both the left and the right will have to make concessions to reduce the deficit. The Tea Partiers are right wing extremists who would never agree to tax increases, cuts in military spending, or cuts in entitlement spending for white people.

Give this a rest already until you can come to the table with something more substantive than "Reduce deficits now!"

quote:

ORIGINAL: subrob1967

I'm talking everywhere, salaries, pensions, military, subsidies, foreign aid, grants, loans, you name it. If the federal government is footing the bill, that bill needs to be cut 20%, regardless of how much short term hurt it causes.

quote:

ORIGINAL: popeye1250

Why raise taxes? Just so the congress can spend more of our money?
We need to cut or better yet eliminate many programs.
Foreign aid is one of the Lobbyists favorites. They make $Billions off of it. It's rampant with corruption, $45 B last year.
And we can cut the State Dept by 50%. Anyone know what their budget is?
And do away with "Education" and "Energy" Depts. Tens of thousands of paper pushers that don't do anything for The People.
That's just a start.

quote:

ORIGINAL: Sanity

quote:

ORIGINAL: subrob1967

I'm talking everywhere, salaries, pensions, military, subsidies, foreign aid, grants, loans, you name it. If the federal government is footing the bill, that bill needs to be cut 20%, regardless of how much short term hurt it causes.

quote:

ORIGINAL: popeye1250

Why raise taxes? Just so the congress can spend more of our money?
We need to cut or better yet eliminate many programs.
Foreign aid is one of the Lobbyists favorites. They make $Billions off of it. It's rampant with corruption, $45 B last year.
And we can cut the State Dept by 50%. Anyone know what their budget is?
And do away with "Education" and "Energy" Depts. Tens of thousands of paper pushers that don't do anything for The People.
That's just a start.

Agreed. "This ain't rocket science... "

quote:

ORIGINAL: Sanity


What about foreign aid? Theres a good place to start.

Theres got to be a lot of fat out there.

quote:

ORIGINAL: subrob1967

quote:

ORIGINAL: mnottertail

right. where do we cut?

20% across the board...Surely there's at least that much in wasteful spending.

quote:

ORIGINAL: Sanity


What about foreign aid? Theres a good place to start.

Theres got to be a lot of fat out there.