ECONOMIC SOLUTIONS FROM BERNANKE

Notes of Concern…
…Jackson Blair

Raise Taxes
Cut Social Security and Medicare
Cut Defense and Cut Education

These are the solutions suggested by the Federal Government to the worsening economic crisis in the United States.

Well, they are the possible solutions according to Ben Bernanke, the Chairman of the Federal Reserve.

As I understand it, the government which we elected, and whom we expect to represent our views, has gone out over the past many years and run up deficits and passed new programs, and generally ignored the impact of their spending on future generations of Americans, and now wants us to pay more in taxes, take less in social security, accept cuts in Medicare, and stomach a reduction in our ability to educate our children and defend our nation.

Right!

Here is what Bernanke said in Texas on April 8, 2010.

"To avoid large and ultimately 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," he said.

Our choices according to the Fed chair are clear here.

We can expect more taxes.

This suggestion included a trial balloon about a VAT (value added tax) like they have in Europe. A national sales tax ! ?

Sure, bring it on.

Or we can expect “modifications” to current entitlement programs.

This would be a reduction in social security and Medicare for starters. But those are only two of the “entitlement” programs they could slash.

Interesting terminology in that the word “entitlement” suggests these are programs we deserve, worked to enjoy, and should not be messed with. Hmm.

Or we can expect less spending on, for instance, education and defense.

Now there is a non-starter.

The world is increasingly dangerous. More tiny countries with unstable leaders are now either buying or making nuclear weapons. Our education programs seem to be, at best, treading water against the rest of the world.

I don’t care for any of these choices.

But with our debt soaring and the demands on our nation growing I anticipate that the government will, in their infinite wisdom, do all three of the things mentioned by Chairman Bernanke.

If this bothers you in any way, you better set aside labels like Democrat, Republican, Conservative, Liberal, Socialist, Tea Party and get about the business of identifying men and women who can bring this to a halt.

Let us have a simple government.

Let us spend no more than we take in.

No new programs until the old ones are properly and securely funded.

A full review of the perks and privileges our representatives have voted themselves. The goal here would be to ensure that no one working for the government has any better benefits than they are providing to the people.

This, my friends, would be a good start.