All Commentary
Thursday, April 8, 2010

Fed Chief Warns of Fiscal Impact of Aging Population


“Ben S. Bernanke, the Federal Reserve chairman, warned Wednesday that an aging American population posed fiscal challenges for the United States. In a rare foray into the realm of fiscal policy, Mr. Bernanke said the United States ‘must begin now to prepare for this coming demographic transition…. The arithmetic is, unfortunately, quite clear,’ Mr. Bernanke said. ‘To avoid large and 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. These choices are difficult, and it always seems easier to put them off — until the day they cannot be put off any more.’” (New York Times, Thursday)

A little New Deal and Great Society mess that needs cleaning up.

FEE Timely Classic
“The Immorality of Social Security” by John Attarian