Monday, April 12, 2010

Strong Commitment to Fiscal Irresponsibility

Bernanke's speech last week would lead one to believe that he has not yet realized that both the legislative and executive branch's have repeatedly disregarded what is responsible.

"To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above. These choices are difficult, and it always seems easier to put them off--until the day they cannot be put off any more. But unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth."

Perhaps congress and the administration truly believe that Japan's Keynesian policies are the answer to our problems.

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