Ticking time bombs

Published: Wednesday, January 24, 2007 at 6:01 a.m.
Last Modified: Wednesday, January 24, 2007 at 1:17 a.m.
"The longer we wait the more severe, the more draconian, the more difficult the adjustment is going to be. I think the right time to start is about 10 years ago."
Federal Reserve Chair Ben S. Bernanke, warning that Congress must deal with looming Social Security and Medicare deficits.
President Bush is obsessed with the war, and the Democrats in Congress are, obsessed with, well, President Bush. Meanwhile, practically nobody in the D.C. Swamp wants to begin the painful job of entitlement reform. "If the government debt and deficits were actually to grow at the pace envisioned ... the effects on the U.S. economy would be severe," Bernanke warned Congress recently. Unfortunately, members of Congress are worried more about the pain of not getting re-elected if they make unpopular decisions.
The Associated Press

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