Statements On Deficit Reduction and Reform of Social Security / Medicare
Bernanke favors reducing the U.S. budget deficit, particularly by reforming the Social Security and Medicare entitlement programs. During a speech delivered on April 7, 2010, he warned that the U.S. must soon develop a "credible" plan to address the pending funding crisis faced by "entitlement programs such as Social Security and Medicare" or "in the longer run we will have neither financial stability nor healthy economic growth." Bernanke said that formulation of such a plan would help the economy now, even if actual implementation of the plan might have to wait until the economic outlook improves.
His remarks were probably intended for the federal government's executive and legislative branches, since entitlement reform is a fiscal exercise that will be accomplished by the Congress and the President rather than a monetary task falling within the implementation powers of the Federal Reserve. Bernanke also pointed out that deficit reduction will necessarily consist of either raising taxes, cutting entitlement payments and other government spending, or some combination of both.
Read more about this topic: Ben Bernanke
Famous quotes containing the words statements, reduction, reform, social and/or security:
“If we do take statements to be the primary bearers of truth, there seems to be a very simple answer to the question, what is it for them to be true: for a statement to be true is for things to be as they are stated to be.”
—J.L. (John Langshaw)
“The reduction of nuclear arsenals and the removal of the threat of worldwide nuclear destruction is a measure, in my judgment, of the power and strength of a great nation.”
—Jimmy Carter (James Earl Carter, Jr.)
“Both of us felt more anxiety about the Southabout the colored people especiallythan about anything else sinister in the result. My hope of a sound currency will somehow be realized; civil service reform will be delayed; but the great injury is in the South. There the Amendments will be nullified, disorder will continue, prosperity to both whites and colored people will be pushed off for years.”
—Rutherford Birchard Hayes (18221893)
“When women can support themselves, have entry to all the trades and professions, with a house of their own over their heads and a bank account, they will own their bodies and be dictators in the social realm.”
—Elizabeth Cady Stanton (18151902)
“Learned institutions ought to be favorite objects with every free people. They throw light over the public mind which is the best security against crafty and dangerous encroachments on the public liberty.”
—James Madison (17511836)