Posted on 01/18/2007 11:15:10 AM PST by Froufrou
Federal Reserve Chairman Ben Bernanke warned Congress Thursday that the economy could be gravely hurt if Social Security and Medicare aren't revamped and urged lawmakers to tackle the nation's thorny fiscal issues sooner rather than later.
"If early and meaningful action is not taken, the U.S. economy could be seriously weakened," Bernanke said in testimony to the Senate Budget Committee.
It marked the Fed chief's most forceful warning to date on the potential problems facing the United States with the looming retirement of 78 million baby boomers, the oldest of whom will start retiring next year.
This huge wave of retirees will hit the U.S. budget as well as the economy, he said.
"The longer we wait, the more severe, the more draconian, the more difficult the objectives are going to be. I think the right time to start was about 10 years ago," he told lawmakers when questioned about the urgency of the situation.
Absent 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, Bernanke said.
(Excerpt) Read more at foxnews.com ...
Congress needs to lock up Social Security and pay back everything they have taken from the program. This program should sustain itself if they leave it alone. Basically, they have stolen peoples retirement and used it for whatever they wanted to. Pay it back with a huge interest and penalty for using it.
Pay it back with what? The government has no money except that which we earn, and they take off the top in taxes. The government is US...........
Red, you're scaring me! But hey, maybe our daughter can get her life underwriters license....
Bernanke: Baby Boomers Hasten America's Descent To Heck!
:-)
Boomers are the largest block of people that vote in the USA. They were FORCED to put $$$ into this dinosaur and they want it back. Any attempt to penalize that group will be political suicide .
Your daughter will be working two jobs just to pay all the Social Security Entitlements and Medicaid giveaways for the Boomers............
I don't plan on retiring. Ever. All the retirees I know get bored within a few months and want to go back to work somewhere. Anywhere. Golf and fish and travel are not what everybody thinks they are.......
It's true, I've paid in since I was 16 and that's a lot of moola multiplied by 78 million boomers...assuming we ALL have worked and paid into the SSA. I feel bad for the Gen. Nexters getting stuck with the tab.
We're pretty sure we'll have to keep working. We even bought a house on the gulf coast that we hope to afford even if there's no income but our 401K's.
I will work until I cannot. I'm not gonna sit around waiting to die. Besides, I'd have to be with my wife ALL DAY!..............
That will just about cover your insurance and taxes. Hope you plan on eating a lot of bologna and grits........
I am retired and I can tell you I have plenty of things to do here in the sunny Caribbean besides fishing and Golf (which I do not care for). Many hobbies, painting, computer graphic art, music and so many books that I will never get to read them all,and from time to time I give a little advice to local business people, and then of course there is FREEPING, LOL!
Maintaining a house here keeps you physically fit as you must continually fight the sun and salt spray in the air and there is the landscaping chores.
I keep my mind quite active and my body too, retirement is what you make it. Our days go by all to quickly!
I worry that the grasshoppers are going to try and raid the ants savings.
Spam is cheaper than baloney, isn't it?
I suppose you're right. It is what you make it. But many, especially guys, have spent their entire lives doing something creative and constructive, "making a difference" and when they retire their whole world collapses within a few months...........
Not here.......there's always sardines and crackers......or potted meat and vienna sausages......
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