Bernanke Urges Fiscal Responsibility From the Government

Posted: Jun 05, 2009 3:04 PM
Earlier this week, Federal Reserve Chairman Ben Bernanke finally spoke up against the reckless spending habits of the Obama Administration and this Democrat-controlled Congress.

In testimony on Capitol Hill Wednesday, Bernanke told the House Budget Committee:

"Unless we demonstrate a strong commitment to fiscal sustainability in the longer run, we will have neither financial stability nor healthy economic growth."

I couldn't agree more -- we need to cut our $2 trillion budget deficit and the current borrowing-spending-taxing cycle is not going to get us there!

Thankfully, Mr. Bernanke also told the Committee that he will not simply print more money – which would lead to inflation – to legitimize greater budget deficits.

It's clear from his testimony that if we want to balance America's budget -- we can either raise taxes or cut government spending. Seeing as how President Obama and Congress are continuing forward with their big spending plans - universal health care and cap-and-trade come to mind - I'm afraid it's the taxpayer who will be stuck footing the bill yet again.