Here is a link to a story where Fed Chairman Bernanke speaks about the need for reform in our Social Security and Medicare entitlements.
Unless Social Security and Medicare are revamped, the massive burden from retiring baby boomers will place major strains on the nation's budget and the economy, Federal Reserve Chairman Ben Bernanke said Wednesday.
"Reform of our unsustainable entitlement programs" should be a priority, he said in prepared remarks to the Economics Club of Washington. "The imperative to undertake reform earlier rather than later is great," Bernanke added.
Changes were met with great resistance at the beggining of President Bush's first term. It's an issue that clearly requires some foresight; I think President Bush was right to address it now before Social Security is a total crisis. He didn't get much support for his plan, but I encourage him and Congress to work on new ways to solve the imminent problem. Congress should act sooner rather than later on this. I fear that we may have missed a great chance for reform; however, because if the Democrats retake one or both chambers of Congress, I doubt they'll change much in these programs except hiking taxes to maintain them in their current state.
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