Fed chairman suggests dishonoring Social Security bonds:
In the news
"Well, Senator, I was about to address entitlements," Bernanke replied [to Senator Bennett]. "I think you can't tackle the problem in the medium term without doing something about getting entitlements under control and reducing the costs, particularly of health care."
Bernanke reminded Congress that it has the power to repeal Social Security and Medicare.
"It's only mandatory until Congress says it's not mandatory. And we have no option but to address those costs at some point or else we will have an unsustainable situation," said Bernanke.
"Willie Sutton robbed banks because that's where the money is, as he put it," Bernanke said. "The money in this case is in entitlements."
Bernanke has showed his hand. He's got to go.
UPDATE: More on Bernanke by Cenk Uygur
Did Bernanke say this in hopes of getting some support from conservatives for his re-nomination?
What a joke. Liberals all thought it would be a Republican adminstration that would axe Social Security and Medicare.
Sorry, but the Obama Administration needs that money for its friends, and senior citizens are Republicans and not their friends.