"Federal Reserve Chairman Ben Bernanke warned Congress Thursday that the economy could be gravely hurt if Social Security and Medicare aren't revamped."
"If early and meaningful action is not taken, the U.S. economy could be seriously weakened."
"Without policy changes by Congress and the White House, rising budget deficits are likely in the years ahead to increase the amount of federal debt outstanding to unprecedented levels."
"A vicious cycle may develop in which large deficits lead to rapid growth in debt and interest payments, which in turn adds to subsequent deficits,"
"Ultimately, a big expansion of the nation's debt "would spark a fiscal crisis."
Bernanke: Congress needs to fix deficits, Social Security
Sounds like a big problem, huh? But the bigger problem is that the Democrats are in control now and they care more about their power than admitting that they've been lying about the problems with Social Security and Medicare for years.
Can Nancy Pelosi and Harry Reid put aside the politics surrounding this issue and actually do something that helps this nation avoid this crisis, or are the Democrats only good for helping their friends in the unions (minimum wage), trying to buy votes (forgiving college loans), or simply adopting window dressing to make it look like they're doing something?
I am certain they won't even try to address this, but I'd love to be proven wrong on this one. As Bernanke warns when he suggests, "that the economy could be gravely hurt" and "spark a fiscal crisis" if these entitlements aren't reformed, not even the largest economy in the world can handle $50-$100 trillion in debt. And if this economy collapses, we'll take the world economy with us.
Democrats have attacked Bush and Republicans every time they've tried to offer solutions to this problem. Now they're in power, so what in the hell are they going to propose? They going to drastically reduce benefits? They going to significantly raise taxes? We know they refuse to invest surpluses outside government securities, but those surpluses are quickly coming to an end anyway.
So Democrats, what are you going to do to save the world? Any ideas? Any ideas at all?