Bernanke: Cut Social Security and Medicare to Respond to Financial Problems

In testimony before the Senate Banking Committee today, Ben Bernanke, Chairman of the Federal Reserve and nominee for a second term, called for cutbacks in entitlement spending such as Social Security and Medicare. In his best imitation of Willie Sutton, Bernanke said, “That’s were the money is.” Interestingly enough, the Defense Department’s budget, along with [...]