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The Official Blog of National Taxpayers Union

You Don't Say!

Posted by Demian Brady - January 18, 2007

Fed Chairman Bernanke issues a fresh warning about the nation's impending entitlement spending crisis.

This is just the latest such advisory, but like so many Cassandras, the tragic Greek figure who had the gift of prophecy but was cursed so that no one would believe her predictions, Congress has yet to seriously heed this looming fiscal disaster.

Here are some recent previous cautions on this issue:

*Government Accountability Office (GAO), Long-Term Budget Outlook: Saving Our Future Requires Tough Choices Today, January 11, 2007;

*GAO, Fiscal, Social Security, and Health Care Challenges, January 7, 2007;

*Associated Press, Bernanke: Baby Boomers Will Strain U.S., October 04, 2006;

*Cato Institute, Editorial December 14, 2005;

Former Fed Chairman Alan Greenspan, Testimony Before the Joint Economic Committee, November 3, 2005;

*GAO, Budget: Long Term Focus Is Critical, March 23, 2004;

*GAO, Truth and Transparency: The Federal Government's Financial Condition and Fiscal Outlook, September 17, 2003;

*President Bush's Commission to Strengthen Social Security, Interim Report, August 2001;

*GAO, Medicare: New Spending Estimates Underscore Need for Reform, July 25, 2001;

*Brookings Institute, Testimony to the House Committee on the Budget, July 27, 2000.

(Thanks to Cal Ulmann for research assistance.)

Thoughts?   Add Comment -

Janus said on Jan 18 2007 at 12:05pm
Perhaps now that we have some officials in Washington who are going to make the tough decisions and enforce budget discipline and fiscal responsibility -- a la paygo -- this won't be such a problem. Some minor tweak can make things a lot better. We don't need to gut our social safety net.