In today’s hearings Bernanke called for cutting Social Security to cover the shortfall that will occur when the money borrowed from Social Security to fund tax cuts for the rich is needed.
As David Dayen wrote today at FDL, “And this is what he’s saying when he WANTS his job back. What will it be if he gets it?”
“Well, Senator, I was about to address entitlements,” Bernanke replied. “I think you can’t tackle the problem in the medium term without doing something about getting entitlements under control and reducing the costs, particularly of health care.”
Bernanke reminded Congress that it has the power to repeal Social Security and Medicare.
“It’s only mandatory until Congress says it’s not mandatory. And we have no option but to address those costs at some point or else we will have an unsustainable situation,” said Bernanke.