Just a quick note to draw attention to the comments of Ben Bernanke at his re-appointment hearing today. As reported by Ryan Grim in Huffington Post (and pointed out to me by Nancy Altman), Bernanke actually said this about Congress repealing Social Security and Medicare:
“It’s only mandatory until Congress says it’s not mandatory. And we have no option but to address those costs at some point or else we will have an unsustainable situation.”
If you’re feeling apoplectic about that–coming from a high official in the Administration–well, so was Senator Sanders, who has placed a hold on the Bernanke nomination:
“The CEOs and top people on Wall Street make huge bonuses, and what? We’re going to cut back on Social Security and Medicare? That’s what we’re going to do?”
If Frances Perkins were alive, she’d be in the thick of this battle. But today, unfortunately, those who would defend Social Security, at least the vast majority of those in high places at the Social Security Administration, were put in place by the Bush Administration. And we know what their plan was — privatize. Why do you think they were so keen to privatize Social Security? Because, like Bernanke and Willie Sutton, they know that’s where the money is!