Our Fed chief says the country 'may' one day face a fiscal crisis. (Click Here).
On January 2nd I linked to the U.S. Treasury's report which gives all the sobering numbers: http://fms.treas.gov/fr/06frusg/06frusg.pdf. Helicopter-Ben today said something needs to be done. Fat chance and in some respects, the numbers are already so large (over 50 TRILLION that should be in the treasury earning interest today) that perhaps it's already too late. What's in it for Democans or Republicrats to fix the problem now anyway? I mean think about it... the problem is the cost of medicare and social security - which involve big voting blocks that get mighty antsy when mere brain waves are directed towards tinkering with those programs. So even our ever nervous sounding Fed chief (do you notice how nervous he sounds when he speaks?) talks in the hypothetical "may happen" when he darn well knows it "will happen" because he doesn't want to stir the pot too much and get anyone in that big voting block too upset. That's too bad. It's too bad that a guy like Bernanke has to stick to decorum and political correctness so that the real message is left for a few little unknown bloggers to impart.