On Jan. 19, The Bee reported a statement by Ben Bernanke, the Federal Reserve chair. He argued that the impending deficits in the Social Security fund and Medicare are "perilous."
Social Security is still running a surplus and Medicare is inadequate and should be expanded. Any shortage down the line in Social Security and Medicare could be easily rectified by taxing the rich proportionately as much as the poor and middle income groups are now taxed.
The deficits to worry about are the federal deficit and the enormous trade imbalance. The federal deficit is primarily the result of billions of dollars flowing to the military-industrial complex. The trade imbalance is led by payment for imported oil and well augmented by the purchase of foreign goods once produced by American labor.
Mr. Bernanke is well aware of the above.
Sign Up and Save
Get six months of free digital access to The Fresno Bee
Robert J. Allison