Washington, DC — Senate Democratic Leader Harry Reid released the following statement on remarks today by Federal Reserve Chairman Benjamin Bernanke.
“Chairman Bernanke is right that our nation faces serious long-term fiscal challenges as a result of the looming retirement of the baby boomer generation. However, he fails to mention that the fiscal irresponsibility of the Bush Administration and the Republican-controlled Congress has greatly exacerbated this situation. Moreover, Chairman Bernanke and Washington Republicans are wrong to conclude that our future fiscal challenges must be solved solely at the expense of our seniors by making deep cuts in Social Security and Medicare.
“If Republicans are truly committed to addressing our long-term fiscal challenges, they should work with Democrats to get America’s fiscal house in order. Instead of making massive cuts to benefits seniors have earned, it is time to eliminate the wasteful spending and special interest tax breaks that have exploded under Republican rule.”