US Fed Chairman demands plan to cut social programs

Dandelion Salad

Bookmark and Share

By Barry Grey
http://www.wsws.org
4 June 2009

Testifying Wednesday before the Budget Committee of the House of Representatives, Federal Reserve Board Chairman Ben Bernanke demanded that Congress and the Obama administration map out a program of austerity measures to bring down record budget deficits. Bernanke made clear that the heart of this program should be sharp cuts in social spending, including basic entitlement programs such as Social Security and Medicare.

“Maintaining the confidence of the financial markets,” Bernanke said in prepared remarks to the committee, “requires that we, as a nation, begin planning now for the restoration of fiscal balance.”

The phrase “confidence of the financial markets” is a euphemism for the interests of Wall Street and major international banks and investors. In demanding the preparation of austerity measures to be imposed on the American people, Bernanke was speaking in behalf of the financial elite whose massive taxpayer subsidies have been the major cause of the explosive growth over the past year of the federal deficit and the US national debt.

p…[

via US Fed Chairman demands plan to cut social programs

see

Credit crunch: time to treat employees like trash by Roland Michel Tremblay

If You Are Stressed Now, Just Wait By Paul Craig Roberts

Bond Market Blowout By Mike Whitney

The Economy Sucks and or Collapse 2

6 thoughts on “US Fed Chairman demands plan to cut social programs

  1. Pingback: The Retreat Of The Shadow Lenders: Why Deflation, Not Inflation, Is The Order Of The Day by Dr. Ellen Brown « Dandelion Salad

  2. Pingback: As GM Goes … by Cameron Salisbury « Dandelion Salad

  3. Pingback: Securitization: The Biggest Rip-off Ever By Mike Whitney « Dandelion Salad

  4. Pingback: Illiteracy in High Places – Forgetting What We Learned By Paul Craig Roberts « Dandelion Salad

  5. Pingback: Kaptur Grills Federal Reserve Chair Bernanke + State of the U.S. Economy Hearing « Dandelion Salad

  6. Where does this asshole come across advocating austerity after giving away trillions to banks and wall Street which caused the crisis? I believe most everyone in Washington is totally disconnect from the electorate. We need to through all the bums out, raise taxes on the wealthy and start over.

Comments are closed.