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Tipsheet

Bernanke Urges Fiscal Responsibility From the Government

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.
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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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