Now, let’s look at the story and what it says. The screen capture, please!
Uh oh. Bush has really boned up this time, right? What does the Fed Chairman have to say about it? Let’s read the article.
Federal Reserve Chairman Ben Bernanke warned Congress Thursday that the economy could be gravely hurt if Social Security and Medicare aren’t revamped and urged lawmakers to tackle the nation’s thorny fiscal issues sooner rather than later.
“If early and meaningful action is not taken, the U.S. economy could be seriously weakened,” Bernanke said in testimony to the Senate Budget Committee.
It marked the Fed chief’s most forceful warning to date on the potential problems facing the United States with the looming retirement of 78 million baby boomers, the oldest of whom will start retiring next year.
Wait a minute. He’s warning that measures have to be taken to fix Social Security and Medicare so they don’t balloon out of control. Nothing about deficits. The news has been saturated the past 5 years with “Bush Deficits Will Cause Galactic Devastation”. So, when you hear deficit, you think Bush, right? But this story has nothing to do with the Bush deficit. In fact, the Bush deficit has been shrinking just like he predicted it would.
Well, in this case, you should actually think Senate Democrats. These are the folks who stood up and applauded last year when they were blamed for torpedoing social security reform. “We’re so happy we’re bankrupting the future!” Nancy Pelosi is out there talking about tackling Global Warming– well, we won’t have to worry about that when the nation goes bankrupt in 2050 thanks to Social Security.
Shenanigans on Yahoo! News for totally misrepresenting the story.