Bernanke to Congress: We’re Much Closer to Total Destruction Than You Think

Official Congressional budget estimates understate the peril of rising debt, Fed chair Ben Bernanke told the Budget Committee on Capitol Hill today.

 

Warning that our nation’s fiscal health has deteriorated appreciably since the onset of the financial crisis and the recession, Bernanke called upon lawmakers to confront the long term fiscal challenges sooner rather than later. If lawmakers don’t confront them, they’ll find themselves confronted by them.

 

From Bernanke’s prepared remarks:

By definition, the unsustainable trajectories of deficits and debt that the CBO outlines cannot actually happen, because creditors would never be willing to lend to a government with debt, relative to national income, that is rising without limit…

 

Read more of the source article at http://www.cnbc.com/id/41491193/

 

Might be time to seriously consider a “Plan B”

…and if you haven’t already done so its time for you to visit the “Financial Literacy” resource page.

If you enjoyed this post then why not share it, like it, or bookmark it for others now… Thanks.

 

 

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