bernanke calls for cuts to entitlement programs

[emazur]

http://globalresearch.ca/index.php?context=va&aid=13873

Warning that a continuation of such levels of debt could drive up the cost of government borrowing—a disastrous prospect for an economy dependent on a continuous stream of loans from China, Japan and other countries—Bernanke said that the deficits would have to be reduced substantially either through tax increases or budget cuts. “The Federal Reserve will not monetize the debt,” he declared.

He made clear that his prescription for “fiscal balance” was dramatic cuts in what remains of social programs, rather than tax increases. He zeroed in on the basic programs upon which tens of millions of Americans depend—Social Security and Medicare.

Noting projections of rising outlays for these entitlement programs as millions of baby boomers retire, he said “we will not be able to continue borrowing indefinitely to meet these demands.” Speaking of “difficult choices,” he said, “Congress, the administration and the American people must confront how large a share of the nation’s economic resources to devote to federal government programs, including entitlement programs.”

[angelatc]

Great! So I was forced to pay into a system I knew would fail, and I won't be allowed to draw a dime from it.

[AuH20]

The chinese had to threaten him and Geithner.

[Sandman33]

ENTITLEMENT programs...yeah, you STOLE my money from my fucking paycheck and I want it back.

[evilfunnystuff]

ENTITLEMENT programs...yeah, you STOLE my money from my fucking paycheck and I want it back.

id be happy if they just quit takin it from us

[Dr.3D]

ENTITLEMENT programs...yeah, you STOLE my money from my fucking paycheck and I want it back.

Oh how I wish I could have all that money back.

[evilfunnystuff]

Great! So I was forced to pay into a system I knew would fail, and I won't be allowed to draw a dime from it.

we got caught at the end of a govt mandated pyramid shceme

[heavenlyboy34]

lol @ EPIC State fail! (tho I feel bad for all the innocent people that got screwed)

[pinkmandy]

He doesn't talk much of 'tough decisions' when the bankers have their hands out, eh?

[satchelmcqueen]

in that case the gov owes me about 18 years worth of back pay and a deleted tax on my check.

[Bodhi]

in that case the gov owes me about 18 years worth of back pay and a deleted tax on my check.

No kidding, can I have my money back please.

[LibertyEagle]

Unfortunately, they already raided the til and spent it. I'm sure they'll say, for our own good. lol.

I can't believe people actually trust these assholes to take MORE of our money in return for "taking care of us" later.

[Sandman33]

Unfortunately, they already raided the til and spent it. I'm sure they'll say, for our own good. lol.

I can't believe people actually trust these assholes to take MORE of our money in return for "taking care of us" later.

How do we get Obama impeached and Paul in office?...and at what point will the masses DEMAND it?

[emazur]

http://www.firstbastion.com/social_sec_cartoon.jpg

[angelatc]

we got caught at the end of a govt mandated pyramid shceme

I would happily settle for a refund of only the amount I paid in.

[nobody's_hero]

I agree with Bernanke. The Fed is entitled to nothing.

[heavenlyboy34]

Unfortunately, they already raided the til and spent it. I'm sure they'll say, for our own good. lol.

I can't believe people actually trust these assholes to take MORE of our money in return for "taking care of us" later.

My parents trust them. I just can't get through to them, no matter how many facts and sources I provide. :(:p

[LibertyEagle]

How do we get Obama impeached and Paul in office?...and at what point will the masses DEMAND it?

Don't count on the masses, for anything. Besides maybe running to whatever person offers them bounty. What Ron Paul has offered them is freedom and the OPPORTUNITY to achieve and earn bounty on their own merit. It's a quite different thing.

We need to keep spreading the word to help as many people who have ears to hear, so that they understand why liberty is beneficial to them, personally. In addition to engaging in political activism to get like-minded people in office from dog catcher on up. If we all would have stayed engaged since the campaign, we would already pwn the GOP.

[LibertyEagle]

My parents trust them. I just can't get through to them, no matter how many facts and sources I provide. :(:p

Well, if you make fun of them, like you do those here who believe as Ron does to return to a Constitutional government, it's frankly no wonder.

[heavenlyboy34]

Well, if you make fun of them, like you do those here who believe as Ron does to return to a Constitutional government, it's frankly no wonder.

No, I don't. I save the harsh stuff for you guys, who should know better. ;):)

[klamath]

I never expected to get any of it but I can thank my dad for making me aware of that. He tried to get out of paying social security taxes in the early '60's and was told by an IRS agent. "Mr ---- you know this isn't voluntary insurance. You know it is a tax and You are GODDAMNED WELL GOING TO PAY THIS TAX!"

[LibertyEagle]

No, I don't. I save the harsh stuff for you guys, who should know better. ;):)

Know what? Listen to you over Ron Paul? lolol. :rolleyes:

[LibertyEagle]

I never expected to get any of it but I can thank my dad for making me aware of that. He tried to get out of paying social security taxes in the early '60's and was told by an IRS agent. "Mr ---- you know this isn't voluntary insurance. You know it is a tax and You are GODDAMNED WELL GOING TO PAY THIS TAX!"

lol. Your parents must be related to mine. :D

[devil21]

“The Federal Reserve will not monetize the debt,” he declared.

A little late to say that, isnt it? The Fed has already bought up billions in Treasuries with no plans to stop any time soon.

[cheapseats]

Israel's included?

[cheapseats]

Tax the churches, while yer at it.

And audit those 501(c)3's.

[cheapseats]

Speed bumps are a waste of money.

Signs telling us how fast to go are a waste of money.

DIGITAL signs telling us how fast we ARE going are a waste of money.

The proliferation of cameras to spy on us are a waste of money.

Happily, I read in the bottom left corner of Thursday's New York Times that Katrina victims who were previously ordered OUT of their trailers now have an opportunity to BUY those trailers . . . for FIVE DOLLARS. Must be a Post-Traumatic Embitterment Special.

[anaconda]

What? has Bernanke now appointed the Fed with the powers of Congress? Maybe he should have take Constitution 101 as an elective at Harvard.

[cheapseats]

I am rattling around the 8-bedroom, 6-bath SECOND home of a Bitter Clinger who received a $250 economic stimulus check.

[heavenlyboy34]

Know what? Listen to you over Ron Paul? lolol. :rolleyes:

I was referring to common sense in general rather than me in particular. How silly I was to expect you to get such a "nuance". :rolleyes:

[cheapseats]

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ELIMINATE THE SECRET SERVICE
YOU HYPOCRITICAL COWARDS

l

[He Who Pawns]

Finally, Bernanke speaks the truth.

The Chinese must have put the fear of god in him!

[Old Ducker]

I am mystified by this phrase from Bernanke's statement, "...what remains of social programs..."

What remains?!?!?!?! Can somebody translate this from martianese?

[cheapseats]

Particularly now that Barack Obama has announced to the world that we are not a Christian nation, we can dispense with the annual Christmas bling and pageantry. It really isn't appropriate while we we are mired in War anyway.

[cheapseats]

Limos are gas guzzlers, the more so when they are laden with bullet proofing.

[cheapseats]

Let's get a baseline weight for these many many many many Officials. Unless my eyes deceive me, more than a few Politicos beef up once they're at the Taxpayer Trough.

Ted Kennedy, what a glutton.

[DFF]

Irrespective of his motives, Bernanke's right about cutting entitlement programs. As of right now, all welfare programs combined owed by the government amount to, I believe, $40 trillion dollars. This is almost equal to aggregate wealth in the world. You don't have to be a math wiz to understand that the welfare system is not sustainable, it must be killed. Or the US, as we know it, will absolutely be destroyed. The question is, how does the government go about putting on the brakes, without causing mass riots, especially in impoverished areas?

[tangent4ronpaul]

The administration needs to have a yard sale. Lets start with Pelosi's and Obama's jet aircraft and the latter's fleet of helicopters.

The government DOES owe the people that paid into the system these benefits. Picture a movie with hordes of zombies, now envision empty nursing homes... I can see the latest DHS bulletin - anyone that is retired or approaching retirement age is to be considered a "domestic terrorist"...

The situation would actually normalize given responsible federal spending / downsizing in about 20 years, as the baby boomers are the bubble and after that the number of people retiring goes down substantially. Unfortunately, curbing spending and responsible financial policy is the absolute LAST thing the US Congress would ever consider.

-t

[cheapseats]

Irrespective of his motives, Bernanke's right about cutting entitlement programs. As of right now, all welfare programs combined owed by the government amount to, I believe, $40 trillion dollars. This is almost equal to aggregate wealth in the world. You don't have to be a math wiz to understand that the welfare system is not sustainable, it must be killed. Or the US, as we know it, will absolutely be destroyed.

We must absolutely disabuse ourselves of the notion that every person can always be spared from or compensated for every vagary of life. We MUST stop playing to Extremes and Special Interests.

Plain old stupidity of all sorts MUST be routed out. Fifty million smackeroos to suicide-proof the Golden Gate Bridge . . . it is FISCAL AND MORAL LUNACY.

Waste, inefficiency, graft, ALL of it needs to go.

That said, a lot of this is smoke-and-mirror pretense which mollifies the comparatively hard of heart while, as a bonus, furthering the ideological agenda of some pretty unsavory characters.

It ALL pales, compared to Perpetual War. Fiscally AND morally.



The question is, how does the government go about putting on the brakes, without causing mass riots, especially in impoverished areas?

He can re-read "Rights of Man" for a straightforward formula for decreasing superfluous military might AND for establishing "entitlement" at subsistence levels.

No person with half a brain really expects something for nothing, except where it is established that simply asking is stringless receiving. This issue is taking AWAY from people what they are already receiving. That is why every day that goes by with no punishment of the crooks and more "relief" for the "needy" makes the present libertarian platform harder and harder to sell.

[cheapseats]

l

INTERNATIONAL TRAVEL IS WILDLY EXPENSIVE
GOD KNOWS, WE CAN'T AFFORD TO GALAVANT

[cheapseats]

l

THEY LIVE LIKE BLOODY ROYALTY
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[Omphfullas Zamboni]

Hey,

I thought Federal Reserve Chairmen were discouraged from making proclamations about legislative action?

[cheapseats]

Hey,

I thought Federal Reserve Chairmen were discouraged from making proclamations about legislative action?

What formerly were lines in the sand now look like Spirograph drawings.

[heavenlyboy34]

IT'S THE END OF THE WORLD AS WE KNOW IT!! (http://www.youtube.com/watch?v=Bmxyj6iInMc) :eek::eek::eek::eek::eek:

(I don't care for REM, but this is a fitting song, IMHO)

[emazur]

Hey,

I thought Federal Reserve Chairmen were discouraged from making proclamations about legislative action?

Never stopped them before:
"Greenspan urges future Social Security cuts" (2004)
http://www.msnbc.msn.com/id/4371103/

[amy31416]

Tell ya what?

Let's cut Bernanke & Co's entitlement program first.

After all, that's the one that's costing us the most.

[cheapseats]

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MORATORIUM ON FOREIGN AID
l

[cheapseats]

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CEASE FIRE
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[acptulsa]

Damned straight, Bernanke. Now, tell us:
What made AIG 'entitled' in the first place?
What made BofA and JPMC 'entitled' in the first place?
What made GM and Chrysler 'entitled' in the first place?
And what made your own private company, the Fed, 'entitled' in the first place?

Because God knows if there was enough to pay off those 'entitlements' last year, you fucking bastards have stolen every penny of it.

[muh_roads]

Well they can start by cutting the medicare from those rich old fucks in the Stossel video.

Or at least just give them back what they paid in...not of this 2-3x more than what they paid in BS.

[Spike]

I personally don't blame the US government.

They obviously feel that they can take the American people on, and that the US military is not a challenge for the Chinese.