The Fed testimony and the Reality nobody wants to face

What I have been saying all along has finally come out from the mouth of the chairman of the fed that the United States ought to start taking care of its financial situation. In his speech to the a chamber, he said that due to the aging population and explosion of federal debt, the U.S. ought to either raise taxes or reduce the Medicare and Medicaid entitlement or reduce the defense and social security budgets or a combination of all of the above. Because in the future we will have to fund all these entitlements and we won’t have enough money to do all at once.

This is what I have been saying all along that it would not be possible to do everything by just cutting taxes, they will have to be raised and the entitlements will have to be curtailed. But here is the dilemma, the Republicans don’t like to raise taxes and the Democrats don’t like to reduce entitlement and both will loathe reducing the defense budget due to the two wars and other unexpected wars and the ongoing war against terrorism. So unless everybody gets serious about these things and not worry about the next election, everybody from now on and our future generations will suffer immensely.