Bernanke: Boomers to break the budget

By Gary Linnell

ProWEB Wire (Industry News)

Federal Reserve Chairman Ben Bernanke says retiring baby boomers may break the budget by putting unprecedented demands on the Medicare and Social Security systems.

The Fed chief says the U.S. is on a path of unsustainable spending being made worse by these programs, and that the government run entities could exhaust funds before 2050.

According to Bernanke, "Unless we, as a nation, demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth."