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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.
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