Bernanke Jittery over Nation’s Fiscal Future
Ben S. Bernanke, the Federal Reserve Chairman, on Wednesday alarmed that an aging American population posed fiscal challenges for the United States.
In addition to the warning, he wants the nation to rise and begin to prepare for this impending demographic transition.
Mr. Bernanke, addressing the Dallas Regional Chamber, quoted that the economy was still fragile, suggesting that the Federal Government will not introduce a hike in taxes or cut spending anytime soon.
"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 defence, or some combination of the above", he added.
In addition, in his most hopeful note, Bernanke augured that the unemployment rate will witness a slip slowly over the coming year triggered by the economic growth backed by the Fed's simulative monetary policy and low interest rates.
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